Once Ronald Reagan have said: “Money can’t buy happiness, but it will certainly get you a better class of memories.” Even though in today’s society there is many various definitions for the concept “money”, generally it is accepted as a medium of exchange – something that people use to pay for goods and services, the main reason why mostly people go to work – and also has the functions as a unit of account and as a store of value. Sadly, but common people are not interested in money’s functions, all they think of when heard word “money” is paper notes and metal coins that are likely to be eliminated in the near future! As technologies are improving rapidly, more and more countries in Asia and Europe starts preaching cashless economy.
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To prompt this transformation go faster, South Korea is about to completely eliminate metal coins from the market till 2020 and keep only paper money. There are already a few countries in Asia such as Cambodia, Laos, Myanmar and Vietnam where citizens use nothing else but paper money. This shows that cashless economy is slowly gaining ground worldwide in this century: since most of money now are held by mobile phones, this leads to bank’s branches closing, also ATMs are predicted to disappear. However, one of the articles in British newspaper’s “Business Standard” April 16th issue points out that the idea of going cashless is driven not by central banks or governments. The ones that are getting the biggest benefit are commercial banks and payment service providers, and the reason they are doing this is because “they have an interest in shrinking the market share for cash and are promoting themselves aggressively.” Back in the past there was a time period when credit cards were considered as evil when people experienced the credit crisis in the early 2000s so people were not so interested in using them. Even there is still some trust issues to use cards or any electronic technologies for larger payments in South Korea, today’s society is making a large progress - credit cards continuously transform along with the growing trend toward electronic money as most banks and card companies keep their eyes on mobile payments services. And this concept is confirmed by statistics that shows that almost 80 percent payments in South Korea today are made by using electronic
The Uniform Commercial Code, section 4-406, addresses the responsibility of the bank verses the customers in a paper society. While commerce is evolving to a technological world, there are some foreseeable reasons to evaluate this section of the UCC because of the reliability of human interaction. The relationship between the customer and the bank was very relevant to conduct business in the banking system, as swift as laws and codes change to protect cyber banking, more of the responsibility or duty is placed on the customer. As we examine these two codes, with a focus on forgery, we will analysis the facts of a case in relationship of the codes. Then explore the current paperless society and the duty of banks, business and customers to
And this just.. it felt right for some reason. At the end of money it’s just paper, right? Is it an illusion that makes us worry? But do we really need money?
Document two is a picture that comes from the British Museum, which should work to educate people in an unbiased manner. The document is a picture of artifacts and, more importantly, coins from China that were found in the Swahili coast. Because it is only a picture, it shows nothing but pure factual information. The use of coins suggests that trade was not quite important or common enough to use paper money instead. China started using paper money instead of coins once trade was so important and common that coins often were too heavy for traders to carry in large quantities.
In Persia, paper money was introduced to fix financial problems due to excessive spending. The ilkhan ordered all subjects to accept the new currency as payment. The paper money was looked as worthless by the general public, and merchants closed shops, bringing commerce to a halt. When commerce through the empire came to a stop, the already declining empire began to completely collapse. In china, paper money was introduced in the Song and Tang dynasties and was continued by the Mongols.
”-Kashmir Hill,The future of money. This proves that it costs more money to make the penny than it’s actual worth. The united states is losing money every time we produce one of these things. Stopping the production of these might not solve the country 's debt problem but it would at least help. ”A 2007 article in the New York magazine
How effective is it? Several researches have been conducted to examine the effectiveness of token economy rewards system in reducing disruptive behaviors whether for the whole school and/ or classroom or for a single student for example: A: Token Economy for the whole school and/or classroom - Wheatley, Charlton, Sanders, & Smith (2009) were concerned about the increasing disruptive behaviors in the common areas such as the cafeterias and playgrounds in school. The study was conducted to target inappropriate behavior such as running and littering. School administrators as well as teachers were trained how to provide Praise Notes as a reward to students who perform a positive behavior.
In chapter 8, the core economic principle that displays itself often is The Consequences of Choices Lie in the Future. This principle presents the idea that what we are doing in today’s economy will have an impact on the future. Whether it is decisions on cutting benefits or raising taxes, any of these could cripple our futures economy. In the chapter, it discusses the fiscal policy and how it saved America’s economy after the depression. By monitoring the nation 's spending budget and taxes, so another depression or a recession does not occur.
Chapter 11 1. Fiscal policy can be described as the use of government purchases, taxes, transfer payments, and government borrowing with an objective of influencing economy-wide variables such as the employment rates, the economic growth, and the rates of inflation (McEachern, 2015). 1. When all other factors are held constant, a decrease in government purchases will lead to an increase in the real GDP demanded 2. An increase in net taxes, holding other factors constant, will lead to an increase in the real GDP demanded.
William Hazlitt composed his passaged, “On the Want of Money” to express that “one cannot get on well in the world without money”. Although many believe money is not necessary to be happy Hazlitt provides his audience with a substantial argument that money is needed to live happily. Within Hazlitt’s sharp excerpt, he uses several different rhetorical strategies to strengthen his argument and express his views on the importance of money. Money in fact, is very important to each person since in today’s world, money is used for everything. The problem is occurring is it is almost impossible to not desire or need money in our society.
No matter the status, money always keep the world revolving. For example food, water, bills, ice cream, clothes, and daily needs all require money in order for us to have them. We need most of those items in order to survive. In the story “The Great Gatsby” money is the key to all of their wealth in the book, All his parties and mansions that he owns.
Before I read Atlas Shrugged by Ayn Rand, I associated a love for money as greediness and materialism. “The words ‘to make money’ hold the essence of human morality.” This statement has changed my view of money and it’s impact on society. In Rand’s book, a character by the name of Francisco d’Anconia gives a speech on the virtue of wealth after being called out for being a depraved product of money. He is scorned for his profits through the downfall of his competitors, but then ultimately talks about the problems his own company faces.
Today nearly everyone has to have and use a credit card (credit card) as a medium of non-cash transactions. This is because the manufacturing process tends to be easier, offer a discount for its users as well as the practicality of use. But of course there are consequences to be paid when you use that bill pembayarannnya. For some people it does not matter, but for some others, sometimes it becomes a new problem. As a result, it is instead make your life easier, but instead burdening your life.
There is a very popular cliches that money cannot bring us happiness, however, new research of Cambridge shows that people who spent more money on purchases that matched their personality are happier. Money problem is an age-old question, there are many various thoughts of their believes, many people believe that money is the star of crime and the fade of true feelings. However,researchers show that people who has higher incomes is happier than people have lower incomes. Because money expands peoples’ choices of their future, and money changes their lives’ qualities to be more modern to bring them happiness. Therefore, people should build their lives to make more and more money to find more choices and more joyful life.
ROLE OF MONEY IN MACROECONOMICS 1. Introduction Money can be seen as the medium of exchange which is acceptable while transaction is being undertaken between two parties. Some of the common forms of money are: - Commodity money: This is when the value of the good represents its value in terms of money like gold or silver. - Fiat money: This is when the value of the good is less than the value it represents - Bank money: It is the accounting credits that can be used by the depositor Money serves a variety of crucial functions in the economy and this is why it has gained an unparalleled influence in the matters of economy at micro as well as macro levels. Some of the features of money that make it so important for any economy are as follows: