Use the following resources to refresh your memory of three different forms of money--1) Fiat money, 2) Commodity based money, and 3) Commodity money

https://www.youtube.com/watch?v=fs12fX407GU

https://writingexplained.org/idiom-dictionary/bad-money-drives-out-good-money

SCENARIO

The leader of a third world country which recently became free of a Colonial Power is trying to establish an appropriate currency to be used domestically. The country is not blessed with vast gold and silver mines nor does it enjoy a lucrative tourism business.

However, this new nation has a comparative advantage in agricultural products, primarily in the growing of wheat. Therefore, the new leader believes that adopting corn as a commodity currency would be the best option to achieve financial stability and economic growth. There also might be the possibility of earning hard foreign currency in the future as corn becomes an exportable good.

As a member of the council you agree with the leader that adopting corn as the countries commodity would be the best option.How are you going to to convince the other members of the council that the leader is correct that corn is the best option.

discuss how Gresham's Law might have a negative impact on the use of corn.

What are the pros/cons of using corn and, in general, could it be used as money.

Is it possible the government might lose control over the supply of corn, resulting in hyperinflation?

If you don't believe corn will work as money, do you have an alternative suggestion?