Types of Money (Commodity, Fiat, Not Money) Commodity Money: money that is also a good or raw material; prisoner's use commodity money as their medium of exchange. Examples: gold, shells, beaver pelts.cigarette in prisons and cowry shells in Shawanka
Fiat Money: money that is declared money by the government; started in 1841 with the Canadian pound after the use of commodity money. Examples: Canadian dollar, US dollar, Euro, Great Britain Pound, Swiss Franc, etc.
Non Money: items or services not accepted as a medium of exchange, used as a unit of account or as a store of wealth. Examples: gold, debit cards, cheques, credit cards, financial securities (investments, stocks, bonds, etc.)
Note our money is both electric money and fist money. *All information taken from lecture notes "Monetary Policy`` off of slides 4 and 8.*
Commodity Money: money that is also a good or raw material; prisoner's use commodity money as their medium of exchange.
Examples: gold, shells, beaver pelts.cigarette in prisons and cowry shells in Shawanka
Fiat Money: money that is declared money by the government; started in 1841 with the Canadian pound after the use of commodity money.
Examples: Canadian dollar, US dollar, Euro, Great Britain Pound, Swiss Franc, etc.
Non Money: items or services not accepted as a medium of exchange, used as a unit of account or as a store of wealth.
Examples: gold, debit cards, cheques, credit cards, financial securities (investments, stocks, bonds, etc.)
Note our money is both electric money and fist money.
*All information taken from lecture notes "Monetary Policy`` off of slides 4 and 8.*