Economic Freedom

question 38

Multiple Choice

Economic freedom:

• A)is the right to own property.
• B)means not having to pay taxes.
• C)is absent in rich countries.
• D)affects only poor people.
• E)is the ability to engage in voluntary trade.

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Definitions:

Medium Of Exchange

A medium of exchange is an intermediary instrument used to facilitate the sale, purchase, or trade of goods between parties.

Commodity Money

Money that has intrinsic value because it is made of materials that hold value, like gold or silver.

Fiat Money

Currency that a government has declared to be legal tender, despite it having no intrinsic value and not being backed by physical commodities.

Intrinsic Value

The inherent worth of an asset, independent of its market price, often based on what is fundamentally valuable about the asset.