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Difference between money and currency in general (i.e. in any monetary arrangement -fiat money, gold standard etc.) is as follows: Currency: is the money in the strictest sense of a word. It includes coins and bank notes in the circulation. In foreign exchange the word is also used to as a synonym for unit of money (e.g. $ €) but from your question I think ...


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This is interesting. Fiat money is physical money—paper money and coins— that is declared legal tender. It is any form of currency in present circulation in a country and is backed by a country's government instead of a physical commodity. Thus, the value of fiat money is not determined by the material with which it is made. I would say the two are ...


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To expand on my comment. Your question is not really about economics but about philosophy or political science. The reason for this is that the Economics is usually defined following the definition of Lionel Robbins as: "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." Neo-...


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If you are looking for term for the reason why the efficiencies occur it would be the increasing returns to scale.


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