2. Over time, commodity money, which consists of goods possessing value aside from their role as money,

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2. Over time, commodity money, which consists of goods possessing value aside from their role as money, such as gold and silver coins, was replaced by commoditybacked money, such as paper currency backed by gold.

Today the dollar is pure fiat money, whose value derives solely from its official role.

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Essentials Of Economics

ISBN: 9781429218290

2nd Edition

Authors: Paul Krugman, Robin Wells, Kathryn Graddy

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Question Posted: Oct 03, 2024 06:02 AM

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2. Over time, commodity money, which consists of goods possessing value aside from their role as money,

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Essentials Of Economics

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