Economics Assignment (Other (Not Listed) Sample)
n this threaded discussion, complete the following:
Discuss the concept of money. Begin by defining the functions of money and explain how currency meets these functions.
Explain the concept of bartering. Explain whether bartering does or does not meet all of the functions of money.
Historically, a number of things other than coin and currency have been used as money. Using outside research, provide an example of something else that has been used as money, and explain when and where it was used. Do not use the examples given in the text.
Think about how Scripture influences our attitudes and actions towards money. Which Bible verses related to money challenge you the most? Which biblical concepts have helped form how you think about and act with your money?
Money is a commodity that is generally accepted as a medium of economic exchange. For example, when someone buys goods, money allows the buyer to pay for the goods while at the same time allowing the seller to receive payment. Money is also a store of value and a unit of accounting used to measure the value of goods. Currency is acceptable as money because it facilitates transactions of value, for example when one pays for groceries using currency. Currency also meets the criteria of ‘store of value’ when people put currency in a savings account. Lastly, currency meets the condition of ‘unit of account’ because properties can be valued based on dollars or any other currency (Asmundson & Oner, 2012).
Bartering refers to a system whereby people trade goods for other goods that they need. Bartering meets only one out of the three functions of money. In this respect, bartering can only be used as a medium of economic exchange but it is difficult to use it as a store of value or unit of accounting. The value of a good in bartering is largely dependent on double coincidence of wants.
Before the advent of currency agricultural commodities which were constantly on high demand such as grain and tools were used as money. The high demand for such commodities meant that it was easy to exchange or store and use them later. Precious stones and cowrie shell also served as traditional forms of money (Potters, 2003).
The most valuable lesson that I have learnt about money from the Bible is to be contented with what I earn from my honest labor. This is because when one chases after money he/she will never get enough of it. When a certain level of income is attained, a person will always desire for more, creating a vicious cycle of de
- Business Cash Flows CalculationsDescription: Business Cash flows Calculations Question A. The change in cash flow In 2019 ……………..$12,000 In 2020………………$8000 The difference between the two = $40000 Question B: Amount of Dividends Therefore: -Ending R/E + Beginning R/E + net income = dividends Dividends =-$97,000 + $79,000 + $35,000 Dividends = ...1 page/≈275 words| 2 Sources | APA | Mathematics & Economics | Other (Not Listed) |
- Factors Influencing Overall Restaurant SatisfactionDescription: Satisfaction in the service sector is paramount to achieving best results. The current study was undertaken with an aim of assessing factors that influence the level of satisfaction among patrons. The analysis was conducted making use of a sample of 230 respondents. The results revealed that on average most...11 pages/≈3025 words| 5 Sources | APA | Mathematics & Economics | Other (Not Listed) |
- Microeconomics learning portfolio Mathematics & Economics PaperDescription: 2 In the year 2008, after 2007, the unemployment rate shifted from 4.6 to 5.8, which decreased the GDP from 1.9 to -0.1; this reduced further in 2009 to -2.5; in 2009, the business cycle is at a point where expansion is about to emerge....1 page/≈275 words| No Sources | APA | Mathematics & Economics | Other (Not Listed) |