Confused, What is Fiat Money, its concepts, definition, and examples for class 12 Boards.
See, this topic is concerned with the Money and Banking chapter of Macroeconomics.
What do you mean by Fiat Money in economics class 12
See, fiat means an order or authorization by the government. Thus Fiat Money is the money that is issued by order/authority of the government.
Fiat money is a legal tender and is bound to be accepted by the people of the country in the settlement of debt and obligation.
all notes and coins issued by the Reserve Bank of India are fiat money that people in the country are legally bound to accept as a medium of exchange.
Definition of Fiat Money
Fiat money refers to that money that is issued by order/authority of the government.T.R Jain
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.Sandeep Garg
Fiat money or currency is defined as the money which under law must be accepted for all debts.S.K Aggarwal
Examples of fiat money
Indian rupees, dollar, pounds, Kuwaiti Dinar, etc.