in its worst years during and after the great recession, the previous zimbabwean currency became so devalued that it was actually cheaper to use it as toilet paper than to buy actual toilet paper from a store. this situation is an example of

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26-10-2022
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in its worst years during and after the great recession, the previous zimbabwean currency became so devalued that it was actually cheaper to use it as toilet paper than to buy actual toilet paper from a store. this situation is an example of

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-10-31T08:46:11+01:00

It was actually less expensive to buy toilet paper from a store than to utilize the previous Zimbabwean money, which had become so worthless. This is an instance of hyperinflation.

In a certain nation or socioeconomic setting, money is any tangible object or verifiable record that is commonly accepted as payment for products and services as well as repayment of debts, such as taxes. The main characteristics that set money apart are its use as a medium of commerce, a unit of account, a store of value, and occasionally as a benchmark for delayed payment. Since almost all modern monetary systems are based on unbacked fiat money with no inherent value as a good or service, money was historically an emerging market phenomena with intrinsic worth as a commodity.

Having been deemed legal currency (money) by a government or regulatory body, which means that it must be accepted as a form of payment within the boundaries of the nation, it derives its value as a result from social convention.

Learn more about hyperinflation here

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