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Summary Types of Money - Economics
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Types of Money:The following are the types of money:
Market Determined Money: Any good that can be generally accepted by the people of the
economy to exchange it indirectly for various goods and services between different parties is
called Market determined money.
Fiat Money and Legal Tender: The form of money that is issued by the government and is not
backed by any commodity is known as fiat money. Ex: INR, Dollar, Pounds, etc. The term legal
tender states the money that is legally issued by the government. Ex: Coins and Banknotes.
Cryptocurrencies: Cryptocurrencies are an electronic medium of exchange that exists virtually.
Crypto is a peer-to-peer system that runs on the blockchain. In simple terms, it is an intangible
form of currency and has opportunities for international exchange.
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