Answer to Question #190389 in Economics for Phumzile Zondi

Question

Elaborate on any five concepts or names associated with money depending on where it is used

Answer 1

There are 5 different types of money: Fiat, commodity, representative, fiduciary, and commercial bank money. They also all have three functions in common; they serve as a medium of exchange, as a store of value, and as a unit of account.