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A brief look at how money has evolved over time from being printed on valuable substances (commodity money), to merely representing those valuable substances (commodity-backed money), to not representing anything at all (fiat money). Created by Grant Sanderson.
- The commodity money is also prone to drastic changes in value, for example when there is a sudden increase in supply. That has happened in history,...
- I think you answered your own question! :) The arguments for a gold standard are that it makes it much harder for inflation to occur, but the argum...
- 1. As mentioned around 5:03, the backing commodity is not always gold or silver. The shekel was backed by barley. The backing commodity has to repr...
Mar 23, 2012 · Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/ap-macroec...
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Dec 5, 2022 · This AP® World History review narrows down all of AP® World History into 52 must-know terms. This is not an end-all-be-all study guide, but it’s the perfect way to study for those concepts that commonly show up on the exam and the AP® World History document-based questions.
- Early Money
- Fiat Money
- Functions of Money
- Alternatives to Money
- Money Supply
- Types of Money
- Is Bitcoin Money?
These gold coins are an example of money with an intrinsic value. Made out of gold, its value is widely accepted because gold has value in nearly all countries.
Fiat money is money that does not have any intrinsic value but gains its value from being recognised as legal tender by the government (or other central authority) For example, banknotes do not have any intrinsic value being made out of paper. But, if people have confidence in the banking system, they are willing to accept this fiat money because t...
Medium of Exchange(can be widely accepted for payment of debt/goods)Unit of Account(a measure of the relative worth of goods/debt)Store of value(inflation means cash tends to reduce value over a period of time)Standard of deferred payment(money is used to pay back debt. Closely related to unit of account.One alternative to money is a barter economy– where people swap eggs for vegetables. Anthropologists argue the evidence for economies based on barter is relatively rare. Gift economy. In many early societies, there was a culture of doing favours and giving gifts to other people in the community. Social and cultural ties were strong so people would ...
The money supply measures the total amount of money in the economy at a particular time. It includes actual notes and coins and also any deposits which can be quickly converted into cash.
Narrow Money = cash, notes and coins. This is what springs to mind when people think of money.Broad Money = notes and coins + bank + building society deposits. This is often known as paper money because it exists in accounts but banks don’t actually keep the total value of bank deposits as...Bitcoin is an electronic cryptocurrency where users are willing to accept bitcoin like money. The difference with regular money is that it does not have the backing of a central government or central bank. The value of bitcoin depends on market forces and the willingness to accept payment. Bitcoin can be used as money in some circumstances but many...
literally means 'House of Islam. basically the parts of the world where Islam is a dominant force. Study with Quizlet and memorize flashcards containing terms like Flying Cash, Caravanserai, Swahili City States and more.
AP US History Definition The Missouri Compromise of 1820 was an agreement passed by the United States Congress to maintain the balance of power between free and slave states.
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How has money evolved over time?
What is commodity money?
What is the function of money?
What is representative money?
Aug 22, 2024 · Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth. When was paper money first used?
