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:

Endocrine Glands

Glands of the endocrine system that secrete hormones directly into the bloodstream to regulate body processes.

Hormones

Chemical messengers produced by the endocrine glands that regulate various bodily functions by acting on specific target organs.

Bloodstream

The flowing body fluid that circulates through the heart, arteries, capillaries, and veins, carrying nutrients and oxygen to and waste materials away from all body tissues.

Cerebral Cortex

The outer layer of neural tissue of the cerebrum of the brain, involved in various higher brain functions such as thought, perception, and memory.