And today we are going to discuss what different types of money and currency are and can be used for including money we use everyday.
Its value is what helps control what we buy and spend it on to help maintain equality in shares.
Money helps control how we are able to buy things it has the power to purchase things in return for prices asked for.
So Jim whats the difference between the types of money such as commodity, flat, and represenative money?
Its real simple Sally Commodity money are things such as gold and silver that are worth something. Flat money is the money we see constantly like dollar bills. Representative money are like free coupons for something worth value like gold, silver, or diamonds.
Bartering gives us a way to trade rather than exchange money helping save money and still getting product instead but you must have something in return to trade. Currency gives us and easy way to pay for things without having to trade as it is worth something but if you do not have any currency you can not do anything. Credit and Debit cards help when we do not have the money we need or want to pay for things but if mistreated when using often leads to debt.
What are some Advantages and Disadvantages?
What is the Gold standard and why don't we use it anymore Jim?
It was a system we use to use here to control currency. It failed due to the amounts we had was not able to spread it among all it effects the us dollar by having less value than what this had. It is much easier using this new type of currency and its simpler to handle.