What is " representative full bodied money "? Is representative full bodied money and full bodied money the same? explain.
Dear student,
Full bodied money refers to the one for which the intrinsic value of money ( value of commodity of which it is made) is equal to its face value.
On the other hand, representative full bodied money is the one for which the intrinsic value is less than the face value. For example, paper money is representative full bodied money. For instance, the value of paper of which a Rs 100 note is made is less than Rs 100.
Regards
Full bodied money refers to the one for which the intrinsic value of money ( value of commodity of which it is made) is equal to its face value.
On the other hand, representative full bodied money is the one for which the intrinsic value is less than the face value. For example, paper money is representative full bodied money. For instance, the value of paper of which a Rs 100 note is made is less than Rs 100.
Regards