Explain Why It Is Not Necessary for Paper Money to Be

question 67

Essay

Explain why it is not necessary for paper money to be backed by some commodity (e.g.gold)before it can have value.

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Definitions:

Cretinism

A condition resulting from the severe deficiency of thyroid hormone in infancy, leading to stunted physical and mental growth.

Thyroid Gland

A butterfly-shaped gland located in the neck that produces hormones regulating metabolism, body energy, and the functioning of other body systems.

Pancreas

A vital organ located in the abdomen, involved in both digestive and hormonal functions, including the production of insulin.

Preconscious

In psychodynamic theory, the preconscious holds information that is not presently within our awareness but can readily be brought into awareness.