What gives money value under a fiat system?

Question

Quizplus · Accepted Answer

Under a fiat system, the supply of money is controlled by the government, which gives it value because people accept it as a means of payment for goods and services. Unlike gold-backed money, fiat money has no intrinsic value and is not backed by a physical commodity. It is solely based on the trust in the government that issues it. Treasury bonds are a type of government debt instrument that represents borrowing from investors, not a form of currency.

What Gives Money Value Under a Fiat System