Role Of Money In Society

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Description: According to the Oxford Dictionary money can be defined as a “current medium of exchange in the form of coins and banknotes”. Here in the United States, money is either referred to as dollars (paper bills) and/or cents (coins). However, depending on where you are in the world it may be referred to as something different. Regardless of what it may be referred to as, money everywhere is used as an exchange item, this is typically called buying something. When buying something, money represents the cost of an item; to further explain, if something were to cost one dollar you would pay the seller one dollar in exchange for whatever it is they are selling. While this can all seem super simple, money actually plays a major role in society here in the United States. Local Analysis: Socially, money is a necessity. Without money, even living can be a struggle. Furthermore, considering money is how you buy things, without money it is very easy to have nothing. Having no money can lead to things as simple as a kid being without a toy, or things as critical as an entire family being without a home. Here in the United States, money is used to buy everything. With that being said, those who don’t have extensive amounts of money often struggle. That isn’t to say…show more content…
The term socioeconomic says it all; the amount of money that one has can often be a deciding factor in where they land in society. A lot of money usually means that one is at a higher rank in society, this can mean a number of things: more power, more input in decision making, more influence on society, etc. However, having less money can lead to just the opposite: less power, less input in decision making, less influence on society, etc. A lot of the times, people with more money are looked at as if they are smarter and/or more important than those with less
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