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3 years ago

What is the difference between commodity money and fiat money?

Business

1 answer:

Eva8 [605]3 years ago

6 0

Answer:

Please see answer in the explanation below

Explanation:

Commodity money can be defined as money that its value comes from the commodity with which it was made. That is, commodity money is money that is gotten as a result of the material from which the money was made. Examples of these materials are silver, gold, etc. These materials have intrinsic value on their own as the materials have a worth of their own before being used to make currency.

Fiat money on the other hand is defined as money that is declared as the legal tender by the government. That means that fiat money is the money that is acceptable as a medium of exchange for goods and services as issued by the government. Fiat money does not have intrinsic value.

Cheers.

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If you were charged $1152 in taxes on a $2560 purchase. What percent tax were you charged

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Answer:

Percent tax = 45%

Explanation:

Given:

Amount of tax charged = $1,152

Amount of purchase = $2,560

Find:

Percent tax

Computation:

Percent tax = [Amount of tax charged / Amount of purchase]100

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3 years ago

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3 years ago

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Answer:

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Explanation:

Given that,

Amount of scholarships = $170,500 per year

Trust fund earns an annual rate of return = 2.1 percent

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2.1% of x = Amount of scholarships

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3 years ago

Scarcity, opportunity cost, and marginal analysis Kyoko is training for a triathlon, a timed race that combines swimming, biking

alekssr [168]

Answer:

Explanation:

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3 years ago

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Answer:

a. Cost of Goods Sold (COGS) amounts to $21,100

Explanation:

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Cost of Goods Available for Sale = Beginning Finished Goods Inventory + Cost of Goods Manufactured

where

Cost of Goods Manufactured is $18,600

Beginning Finished Goods Inventory is $15,000

So, putting the values above:

Cost of Goods Available for Sale = $18,600 + $15,000

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Computing the COGS (Cost of Goods Sold) as:

Cost of Goods Sold (COGS) = Cost of Goods Available for Sale - Ending Finished goods Inventory

where

Cost of Goods Available for Sale is $33,600

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So, putting the values above:

Cost of Goods Sold (COGS) = $33,600 - $12,500

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3 years ago

What is the difference between commodity money and fiat​ money?

What is the difference between commodity money and fiat money?