annettelucero annettelucero

18-05-2015
Business

Answered

the difference between representative money and fiat money is that?

Answer :

jasongreen1 jasongreen1

19-05-2015

Great question! Fiat money deries it's value from law or regulation. However representative money derives its value either from a claim on a commodity (gold for example). However sometimes representative money means it has value higher than what it is made of, ie if you melt it down it is worth less than before it is melted down. In this sense fiat money is a type of representative money

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