Question

Identify the type of money used for each transaction. tiles 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. pairs representative money commodity money fiat money

Answer 1

chris bought a bagel with coins issued by the government is FIAT MONEY.
karen bought a bike by exchanging it for her silver receipt is REPRESENATIVE MONEY. luke paid six apples for two dozen eggs is COMMODITY MONEY.

Answer 2

Answer

• Chris bought a bagel with coins issued by the government is FIAT MONEY.
• Karen bought a bike by exchanging it for her silver receipt is REPRESENTATIVE MONEY.
•  Luke paid six apples for two dozen eggs is COMMODITY MONEY.
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Explanation

Money Anything of value that is accepted in return for goods or services. e,g paper currency and coins, precious metal and many other valuable items Money can be used as medium of exchange, in storing value or even as unit of account There are different types of money which are  commodity money,representative money and flat money

• Commodity money - This where items or things  like  furs,nails, beads among others are used as payment for something else
• Representative money- is where coins are used for the exchange of valuable items
• Flat money- is considered to have value because the government says it has value and it can be used, an example is US dollar and other foreign currencies