Order, command, decision, or statute of an authoritative power. Fiat money . Fiat money neither represents nor is a claim for commodity money. Fiat money is issued without any set intention to redeem it and consequently no reserves are set aside for that purpose. The value of fiat money rests on the acceptance of political law or fiat.
Fiat money is money in both the broader and narrower senses.
Fiduciary media . Money-substitutes freely accepted at face value which consist in claims to payment on demand of specified sums of money in excess of the monetary reserves held for their redemption. Final price . In short, the price that would eventually emerge if no new data appeared to change the course of market actions and conditions. The hypothetical or imaginary price which would result with the passage of the time necessary to carry to completion all actions which are the consequence of using existing human knowledge and factors of production in attempts to satisfy presently held value scales in so far as human action can satisfy them.