drag the tiles to the correct boxes to complete the pairs. identify the type of money used for each…

drag the tiles to the correct boxes to complete the pairs. identify the type of money used for each transaction. chris bought a bagel with coins issued by the government. karen bought a bike by exchanging it for her silver receipt. luke paid six apples for two dozen eggs. representative money commodity money fiat money

drag the tiles to the correct boxes to complete the pairs. identify the type of money used for each transaction. chris bought a bagel with coins issued by the government. karen bought a bike by exchanging it for her silver receipt. luke paid six apples for two dozen eggs. representative money commodity money fiat money

Answer

Brief Explanations:

  • Fiat money is currency declared legal - tender by a government with no intrinsic value. Coins issued by the government are fiat money.
  • Representative money is something that represents a value, like a silver - receipt that can be exchanged for a valuable item (silver).
  • Commodity money has intrinsic value and can be used as a medium of exchange. Apples are a form of commodity money in this barter - like transaction.

Answer:

representative money → Karen bought a bike by exchanging it for her silver receipt. commodity money → Luke paid six apples for two dozen eggs. fiat money → Chris bought a bagel with coins issued by the government.