Which of the following correctly describes the difference between commodity money and

fat money?

Fiat money has value based on the material from which it is made, while commodity money is accepted by law and not because of its tangible value.

Fiat money is used during times of emergency, such as hurricanes or war, when the existing stock of commodity money is inadequate to purchase needed goods and services.

Commodity money is either made out of a valuable commodity like silver or gold, or is redeemable for a valuable commodity. Fiat money is not.

Commodity money can only be used to buy commodities such as grains or lumber, while fiat money can be used to buy anything.