1
Question
What is a 'legal tender'? What is 'fiat money?
Open in App
Solution
Legal tender money refers to money which can be legally used to make payment of debts or other obligations.
Fiat money is defined as the money which is under the fiat or order from the government to act as money, i.e., under law, it must be accepted for all debts.
Fiat money is defined as the money which is under the fiat or order from the government to act as money, i.e., under law, it must be accepted for all debts.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
