Fiat money
A government-issued currency that is not backed by a physical commodity such as gold or silver, but by the government that issued it — its value coming from supply, demand and the stability of the issuing government.
This one is not written up yet
The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.
Where this is taught
Free preparation for NISM Series I← All terms