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did you hear about we are learning in class?
yes, i believe we are learning about the different types of money
and to end today's lesson, monetary unit of measure used to represent the real value (or cost) of any economic item
for example, a medium exchange is when an intermediary instrument used to facilitate the sale, purchase or trade of goods between parties
okay, now who can answer the question on the board?
what is characteristic of commodity money, fiat money and representative money?
an exchange process is when an individual decides to stratify a need or want by exchanging and offering many good.
another way that money can serve is generally, a store of value is anything that retains purchasing power into the future.
commodity money is early civilization used metals such as gold, silver, copper, and nickel went on the top of the list.
representative money is a token or a piece of paper that has no value that can be exchanged on demand for a commodity
fiat money is no intrinsic value and are used solely as a payment mint coins.
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