The money that commands a higher market value than its face value is called

Assessment: JAMB UTME - Economics - 2012 Subject: Economics

Question 1 Report

The money that commands a higher market value than its face value is called
Answer Details
The money that commands a higher market value than its face value is called "fiat money." This type of money is not backed by a physical commodity, such as gold or silver, but is considered legal tender because a government says it is. People trust and accept it as a form of payment because it is widely used and accepted. The value of fiat money is determined by supply and demand, just like any other good or service in the market.
Read lesson note on Money And Inflation (WAEC)
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