1) Illustrate the hierarchy of money. 2) Explain the flow fluids.

Question:

1) Illustrate the hierarchy of money.

2) Explain the flow fluids.

Money:

Money refers to the acts as a conventional measure and common denomination of exchange. It an object which is commonly allowed as payment for products and services and it is a medium of financial exchange. There are three types of money, such as commodity money, fiat money, bank money.

Answer and Explanation:

The hierarchy of money was set due to the historical event, and condition and money represent or promise to pay, and the acceptability is the...

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What is Money? - Definition and Types

from Economics 102: Macroeconomics

Chapter 11 / Lesson 4
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