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Difference between commodity money and fiat money

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Reference no: EM132529282

To get the idea of thinking about the difference between commodity money and fiat money, do you know what item is used as money in prison (most of you have seen enough movies to know that the answer is cigarettes). Are cigarettes in prison commodity money or fiat money? What about the tickets won playing games at Chuck-E-Cheese? Inside Chuck-E-Cheese, are those tickets commodity money or fiat money? What about outside of Chuck-E-Cheese?

Reference no: EM132529282

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