The Evolution of Money Flashcards
1
Q
Barter
A
Trading one good or service for another
2
Q
Commodity Money
A
First type of money that had an intrinsic value but don’t require own double coincidence of wants
3
Q
Representative Money
A
The money backed by Gold held in a Bank but may be represented by someone / thing else for security or portability
4
Q
Token Money
A
The money bears no relation to anything of any intrinsic value
