What gives commodity money its value

Asked by maham237 @ 29/12/2020 in Business viewed by 281 People

What gives commodity money its value? a government’s guarantee of its value the type of material with which it is made its rate of exchange in other countries the ability to trade it for a valuable good

Answered by maham237 @ 29/12/2020

Answer:

B. the type of material with which it is made

Explanation:

Money can be defined as any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.

Also, an exchange can be defined as the process of providing goods and services by an individual or organization, to meet the needs of customers in exchange for an amount of money.

Hence, the type of material with which money is made is what gives commodity money its value because it is based on the perception of the buyer and seller of goods and services. A commodity money simply refers to money that derives its value from the commodity with which it is created from. Some examples of commodity money are gold, diamonds, silver, cowry, cocoa, copper and other valuable resources.

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Asked by maham237 @ 13/01/2021 in Business viewed by 2752 persons

What gives commodity money its value

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