In the first video on the list, they explain how there is three different types of money. Commodity, representative, and fiat money are all forms of exchange for goods. Commodity is a good that has ither purposes such as salt or a cow. Representative money is whatever we are using as currency represented by a precious metal, such as gold or silver. Fiat money is different because it is not backed by a precious metal, but it is still accepted by transactions. Fiat money is only money because the government says it has value.
There are only 3 functions of money, the first function is that it's a medium of exchange. The second function is that is can store for value, by saving or putting it away in a bank. The third function is to be the unit of account, which is that the price of an object has the ability to us judge what is the worth of value or quality.
These are the main idea's spoken in video 1.
There are only 3 functions of money, the first function is that it's a medium of exchange. The second function is that is can store for value, by saving or putting it away in a bank. The third function is to be the unit of account, which is that the price of an object has the ability to us judge what is the worth of value or quality.
These are the main idea's spoken in video 1.
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