Related to the Economics in Practice on p.503: In Santa Cruz,the red feathers of the Scarlet Honeyeater bird were used as currency.In this instance,the feathers would be considered

Question

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Commodity money is any item that is widely accepted for exchange purposes in the economy, such as gold, silver, or even feathers. In this case, the red feathers of the Scarlet Honeyeater bird served as a commodity money in Santa Cruz. Fiat money (A) is money that is declared legal tender by law and has no intrinsic value. Token money (B) represents a specific amount of fiat money and is stamped on a token or coin. Legal tender (D) is any form of money that a creditor is required to accept as payment for a debt.

Related to the Economics in Practice on P