Karen used her silver receipt representative money to purchase a bike. Luke purchased two dozen eggs with commodity money and six apples.
Chris used coins from the government's flat money to purchase a bagel.
<h3>What is commodity money?</h3>
- Money that derives its worth from the commodity from which it is made is known as commodity money.
- Commodity money is made up of things that have worth or utility beyond only being exchangeable for products (intrinsic value).
- This contrasts with fiat money, which derives its value from having been established as money by government regulation, and representational money, which has no intrinsic worth but instead represents something valuable like gold or silver, which can be exchanged.
<h3>What is flat money?</h3>
- A form of currency known as fiat money is not backed by any physical good, like gold or silver.
- Usually, the government declares something to be legal tender through a decree.
- Fiat money has occasionally been created throughout history by regional banks and other organizations.
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The first large movement of blacks occurred during World War I, when 454,000 black southerners moved north. In the 1920s, another 800,000 blacks left the south, followed by 398,000 blacks in the 1930s. Between 1940 and 1960 over 3,348,000 blacks left the south for northern and western cities.
<span>The economic motivations for migration were a combination of the desire to escape oppressive economic conditions in the south and the promise of greater prosperity in the north. Since their </span>Emancipation from slavery<span>, southern rural blacks had suffered in a plantation economy that offered little chance of advancement. While a few blacks were lucky enough to purchase land, most were sharecroppers, tenant farmers, or farm labors, barely subsiding from year to year. When </span>World War I<span> created a huge demand for workers in northern factories, many southern blacks took this opportunity to leave the oppressive economic conditions in the south. </span>
<span>The northern demand for workers was a result of the loss of about 5 million men who left to serve in the armed forces, also as the restriction of foreign immigration. A few sectors of the economy were so desperate for workers at this time that they would pay for blacks to migrate north. The Pennsylvania Railroad needed workers so badly that it paid the travel expenses of 12,000 blacks. The Illinois Central Railroad, along with many steel mills, factories, and tanneries, similarly provided free railroad passes for blacks. World War I was the first time since Emancipation that black labor was in demand outside of the agricultural south, and the economic promise was enough for a lot blacks to overcome their substantial challenges to migrate. </span>
19 liters would be equal to 19 mililiters
