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Macroeconomics Fill in the blanks With either

1BARTER
2commodity money
3representative(commodity-backed) money
4fiat money

As early as the year 1000 CE, Norway used silver and other metal coins as currency. This is an example of (BARTER/commodity money/representative(commodity-backed) money/fiat money).

In 1695, a private bank was granted the right to issue notes that were convertible to silver. This is an example of (BARTER/commodity money/representative(commodity-backed) money/fiat money).
After the collapse of this system, a few new systems were implemented, most of which also adopted the silver standard.

In 1873, the krone was introduced, and it was directly convertible to gold. This is an example of (BARTER/commodity money/representative(commodity-backed) money/fiat money) For the next 100 years, the krone fell off and on the gold standard until it finally abandoned the gold standard for good in 1971.
The krone remained pegged to various other currencies until 1992, when it was allowed to float. Today, the krone follows the price of oil pretty closely, but it is not directly convertible to any commodity or other currency. This is an example of (BARTER/commodity money/ representative(commodity-backed) money/fiat money)

Money is something that people use every day. We earn it and spend it but don’t often think much about it. Economists define money as any good that is widely accepted as final payment for goods and services. Money has taken different forms through the ages; examples include cowry shells in Africa, large stone wheels on the Pacific island of Yap, and strings of beads called wampum used by Native Americans and early American settlers. What do these forms of money have in common? They share the three functions of money:

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