Commodity money is money that would have value even if it were not being used as money. (This is usually referred to as having intrinsic value.) In economics, money is defined as a generally accepted medium of exchange for goods and services. 1. Virtually anything can be considered money, as long as it performs what we call the three major functions of money (i.e., medium of exchange, store of value, unit of account). Commodity Money . Many people cite gold as an example of commodity money since they assert that gold … Cash: Physical money, or cash, is created under the authority of the Bank of England, with coins manufactured by the Royal […] There are three types of money in the economy, but as members of the public, we will have only ever used two of them – cash, and the numbers in your bank account. Economic money systems began to be developed for the function of exchange.The use of money as currency provides a centralized medium for buying and selling in a market. Types of Money in Economics - Read here about the various modern forms of money, there are four major kinds of money like Commodity, Fiat, Fiduciary and Commercial Bank Money.

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