Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called <u>fiat</u> money.
The term is derived from the Latin word fiat, because of this a dedication through authority—in this case, it is the government that decrees the fee of the currency and is not representative of every other asset or financial device consisting of gold or a check.
Fiat cash, in a wide feel, all varieties of money which are made criminal tender via a government decree or fiat. The term is, but, commonly reserved for criminal-tender paper money or cash that have face values ways exceeding their commodity values and aren't redeemable in gold or silver.
Economists differentiate amongst 3 special forms of money: commodity money, fiat money, and bank money.
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Pluralistic ignorance effect is a practice in which no ones believes but everyone thinks they believes. This is very particular to a business administration environment. I'll give you an example,
You are the kind of person that wants cleanliness and you notice that your friend is so messy, supposed to be you will tell her about her messiness but you noticed that no one cares about her, thus you stopped yourself from speaking,
Answer:
The $500 is the opportunity cost.
Explanation:
The sunk cost can be defined as a cost that has already been incurred. Such as cost can no longer be recovered. A sunk cost is considered to be irrelevant and is excluded from decision making.
If an individual decided to take an accounting course and paid the tuition fee of $500 and gets a job offer later. If he/she decides to take up the job the tuition fee paid will be the sunk cost which cannot be recovered anymore.
The answer is not C it is actually D. from P1 to P2 the demand curve is shifting outwards, therefore creating an increase in demand
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