Economy

Question 1

What is a fiat currency?

Answer 1

Something is only valuable because somebody says that it is (ex: the king declares that gold is silver is valuable when it really has no value to anyone)

Question 2

What is a medium of exchange?

Answer 2

Any item that is widely accepted in exchange for the goods and services offered to consumers in a given market. One example of a medium of exchange is currency

Question 3

Commodity

Answer 3

A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type

Question 4

Commerce

Answer 4

The exchange of goods, services or something of value, between businesses or entities

Question 5

Companies are stepping into the roles that who can no longer fill?

Answer 5

The roles that the government can no longer fill