How many forms are of modern money?

The modern forms of money are Metallic Money, Paper Money, and Credit Money.

What are the types of forms of money?

The various types of money are:

  • Commodity Money.
  • Fiat Money.
  • Fiduciary Money.
  • Commercial Bank Money.
  • Metallic Money.
  • Paper Money.
  • Reserve Money.

What are the various forms of modern money Class 9 economics?

Answer: (i) Metallic Money, (ii) Paper Money, and (iii) Credit Money. The first two kinds of money are in the form of currency money and the last one is credit or bank money.

What are the modern forms of money in India?

Modern forms of money include paper notes and coins. Rupee is widely accepted as a medium of exchange because: It is authorised by the government of India. The law legalises the use of rupee as a medium of payment and settling the transactions. Thus no one can refuse a payment made in rupees.

What are the 3 forms of money?

Economists differentiate among three different types of money: commodity money, fiat money, and bank money.

What are the features of modern forms of money class 10?

Modern forms of money are:

  • Currency- paper notes and coins. They are not made of precious things and are not of daily use.
  • Bank deposits are also a form of money. People can open bank accounts and make demand deposits.
  • Cheques act as a medium of exchange possible through bank accounts.

What are the modern forms of currency in India Class 10?

What are the various forms of modern money Class 9 long answer?

Answer. Answer: (i) Metallic Money, (ii) Paper Money, and (iii) Credit Money. The first two kinds of money are in the form of currency money and the last one is credit or bank money.

What are the five forms of money?

That means that anything can technically be considered money, but the most accepted kind today comes in the form of paper, coins (metallic money), and credits (backed by banks). There are 5 different types of money in the world: Fiat, commodity, representative, fiduciary, and commercial bank money.

What is fiat money?

fiat money, in a broad sense, all kinds of money that are made legal tender by a government decree or fiat. The term is, however, usually reserved for legal-tender paper money or coins that have face values far exceeding their commodity values and are not redeemable in gold or silver.

What is narrow and broad money?

Narrow Money vs. Broad Money. Money includes bills and coins used by consumers in everyday transactions and bank deposits if they can be used for transactions. The group is generally referred to as narrow money, as opposed to broad money. Broad money includes all the items included in narrow money.