If an economy used gold as money,its money would be

Question

Quizplus · Accepted Answer

If an economy uses gold as money, it would be considered commodity money. Commodity money is any item that serves as a medium of exchange and has intrinsic value, meaning it has value in and of itself, as well as being used as money. In contrast, fiat money is not backed by a physical commodity and has value only because the government decrees that it is legal tender. Therefore, gold as money would not be considered fiat money.

If an Economy Used Gold as Money,its Money Would Be