In order for any given commodity to be considered money,it has to
A)have some intrinsic value.
B)be generally acceptable as a means of payment.
C)be issued and controlled by some governmental institution.
D)be convertible into gold or silver.
E)be used in barter transactions.

Question

Quizplus · Accepted Answer

Money is something that is generally accepted as a means of payment for goods and services. It is a medium of exchange that facilitates transactions. While some forms of money have intrinsic value (such as gold), others do not require intrinsic value as long as they are accepted by most people as a means of exchange. Money can be issued and controlled by a government institution, but this is not a requirement for it to be considered money. Money does not need to be convertible into gold or silver, as seen in the case of fiat currencies. Finally, barter transactions are exchanges of goods or services without the use of money, so this is not a requirement for something to be considered money.

In Order for Any Given Commodity to Be Considered Money,it