Money, Purpose and Function
In this paper, Team C will explain the purpose and function of money. Money is considered to be a heavily thought about issue. The religious people say “money” is the route of all evil. The rich lose their minds when they lose their money. The poor people spend money on lotteries and gambling in the attempt to become rich. The few people who win the ‘Big Payoff’, and they are few and between, are soon poor again because they do not know or understand how to handle money and make the money work for them. The definition of money is described by how people are commonly keen to accept as a reward for services produced or compensation of services owned (Hubbard & O'Brien, 2010). Assets are commonly defined as important possessions owned by a person or a firm (Hubbard & O'Brien, 2010). If 100 different people are asked what is the purpose or function of money, the result would receive at a minimum 50 different answers. It perceived in many situations how some people will use money to manipulate people and situations in their favor. Some people have just enough money to live on until the next paycheck arrives, and some have just about enough to juggle and pay their bills bi-monthly. Reported instances were published describing people who must have the best everything. The best cars, Cadillac Escalades, Mercedes; the name brand clothes and purses, Doonie and Burke, Jones of New York, the homes in excess of one half million dollars. In another note, some people either aggressively save money, invest their money, or gamble in the attempt to increase their balances. The way of the past to obtain needs and wants was to trade or barter one item for another. It seemed that nothing was off limits to trade. When someone was seen with something that a person needed, clothes, food, tools, animals, transportation, or anything that was thought of, the inquirer found what the owner of those items required among the items in possession....
References: Federal Reserve Bank of San Francisco. (2010). httop://www.frbsf.org/publications/federalreserve/fedinbrief/central.html. Retrieved from http://www.frbsf.org
Hubbard, R. G., & O 'Brien, A. P. (2010). Economics (3rd ed.). Boston, MA: Pearson Hall.
home-v.i.p.salaries. (2011). Paywizard.org. Retrieved from http://www.paywizard.org/main/vip/paycheck/salaries-president-obamas-administration
Please join StudyMode to read the full document