A. representative money. User:
In economics, what is it called when individuals focus on perfecting a limited range of tasks, so as to become experts in those specific areas?
What are the three main types of money?
credit, commodity, representative
fiat, commodity, credit
representative, credit, fiat
commodity, representative, fiat
In economics, all of the following are included among the three main uses of money EXCEPT:
store of value
weight of gold
unit of account
medium of exchange
The answer is C. commodity money.
Commodity money is money whose value comes from a commodity of which it is made. [ Commodity money consists of objects that have value in themselves as well as value in their use as money.
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, peppercorns, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, candy, barley, laundry detergent, etc. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies. ] (More)