Importance of Money in the Modern World (Essay Sample)

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Importance of Money in the Modern World
Money is a fundamental resource in the modern world, and most people spend a significant part of their lives trying to accumulate as much as they can, either for the satisfaction of present needs or future use. Money is a non-renewable, easily exhaustible resource and is always scarce if not properly used (Gabriela 418). People get educated and work to earn money and improve their living standards, but even after earning a substantial amount, they want more because of the competitive nature of the modern world, such that the more money an individual has, the more it becomes necessary to them. Money can be described as an economic instrument that changes the social structure of an individual and society by enabling them to have a higher purchasing power (Gabriela 420). Although the paramount importance of money is economical, money also has emotional and psychological attachment because it brings happiness, self-esteem, and social prestige (Swadzba 92). Therefore, money is important in the modern world because it improves our human capital, enhances entrepreneurial culture, reduces financial stress, and develops emotional and psychological wellbeing.
Human capital involves the economic value of a person, and it is determined by