Currency notes and coins are called as ........

Economics- Phase (I & II) Demand and Supply for Money

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Currency notes and coins are called as:

Flat money

Legal tenders

Fiat money

Both b and c

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Explanation:

- Legal Tenders: This term refers to money that must be accepted if offered in payment of a debt. Government regulations give it its value and acceptance.

- Fiat Money: Currency that a government declares as legal tender, although it has no intrinsic value or use as a commodity. Its value comes entirely from the trust that people place in it.

- Flat Money: This seems to be a typo or misunderstanding, perhaps intended to mean fiat money. There's no relevant term in economics as "Flat Money."

- Both b and c (Option 4): Currency is indeed legal tender (b) and typically fiat money (c).

- Correct Answer: Option 4 - Both b and c