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- There's also three different types of money such as Commodity money, Representative money, and Fiat money
- Monetary unit's can be define as a standard unit of value of a country's coinage
- Learning Objective: What are Monetary Units
- Fiat money is any type of bill that the government puts value into it
- Using my cash to purchase a Snicker would be an example of CURRENCY.
- Representative money is something that does not have value but can be traded for something that does have value
- Yes! Now that you mention that, Credit card is an example of representative money, it has no worth on itself just plain plastic.
- We paying with credit card right?
- Good choice of trade for that piece of gold in return for money. (THIS IS KNOWN AS BARTER WHEN YOU SWAP TWO VALUABLE ITEMS)
- Commodity money consists of objects having value or use in themselves as well as their value in buying goods.
- Gold is used as money but also in the manufacturing of jewelry
- Debit is the same thing as cash and it comes directly out of the money you have, However, Credit is representative money to use that you may not currently have at the moment.
- Anyways my job here is done hopefully you have learned something on Monetary Units, Barter, Currency and Debit Cards.
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