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Hi, I have an assignment that is due in 2 days and I don't know exactly how to answer the questions. Here are the instructions:
Hi, I have an assignment that is due in 2 days and I don't know exactly how to answer the questions. Here are the instructions: Listen carefully to the following podcast: "The Invention of Money" podcast, This American Life, Jan 7, 2011. 1. What are some of the potential problems of the "fei" currency? 2. Is "fei" a commodity or fiat money? Explain. (Make sure to check the definitions of fiat and commodity money.) 3. What does its usefulness as money ultimately depend on? (Think what makes "fei" work as money.) 4. What characteristics of an asset make it into a good medium of exchange? A good store of value? Explain clearly. (Note that this question is about any asset or object, not just "fei".) Like I don't know exactly how to explain them, I have the concept is just complicated to answer/explain them so I may need some help
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