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