Examlex
At Target, a discount store chain, if the shelf price is not on an item, checkout clerks can take the customer's word for prices up to $20. The customer does not have to wait for the clerk to check the price with someone on the floor. By giving its employees the authority to make decisions on the customer's behalf, Target is:
Legal Tender
The money that is officially recognized by a government as a valid form of payment that must be accepted for debts.
Commodity Money
Money that has intrinsic value, such as gold or silver, which can serve as a medium of exchange, a unit of account, and a store of value.
Fractional Reserve Banking
A financial system where just a small portion of the deposits at a bank is supported by real cash present and accessible for withdrawal.
Fiat Money
Fiat money is currency that a government has declared to be legal tender, despite it not being backed by a physical commodity.
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