Amonetary system where the value of monetary units is set by the specified quantity of an item is fiat money representative money commodity money gold standard

A monetary system where the value of monetary units is set by the specified quantity of an item is representative money.

Explanation:

Representative money is a type of money that, unlike merchandise money, is based on another asset, such as money backed by gold, silver, oil or another currency, which has the quality of being convertible to the asset at which represents, which can be a kind of metallic money. It differs from fiat money in that the latter is not convertible.

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