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Money is not like other goods and services Paper

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19/11/2012

Theme: Money is not like other goods and services

Source: Personal experience

Before I joined college, I had acquired various means of acquiring money in order to cater for my daily expenses. For instance, various events required the use of money. These events included occasions such as charity events, dates, traveling and other circumstances. More importantly, with money I was able to acquire novel products such as new clothes, shoes, video games, books and other accessories of a secondary need. However, when I joined college, everything changed. The money that I had in my possession was rapidly being consumed by the day. For instance, the money I set aside for pocket money was limited, which forced me to cease purchasing items and to concentrate all the money in the provision of basic needs such as food that I purchased in lesser quantities. Moreover, living independently without any means of income was more difficult than living at home since I was supposed to take care of all the expenses that I would not have gained if I were at home. For instance, I was supposed to pay for rent which was expensive and kept rising all the time which the property owner attributed the rise to inflation. The main thought exuded from this experience reflects the importance of money in the acquisition of goods and services. Hence, the fact that money is the bridge between the purchase of good and services, it is indeed different from any good and service since it facilitates trade of goods and services.

20/11/2012

Theme: Money is not like other goods and services

Source: Thought derived from Discussion with parents

Yester evening, my parents were lecturing me about the uniqueness of money as well as the adequate use of money in today’s economy. My father, who is a seasoned economist, has vast knowledge in economics considering that the worked as a financial advisor for the Australian-based company, Capstone Inc. What motivated him to converse to me regarding money was based on my experiences with pocket money structured for the whole month. Regarding on the uniqueness of money, my father stated that money is indeed unique. Despite it being a facilitator of selling and purchasing goods and services, money is also a store of value. Being a store of value, money is unique from all other products and services since it determines whether a product or service loses or increases in value. For instance, during periods of inflation, money loses value. Due to the loss of value, producers increase the prices of their goods and services in order to gain the lost value attributed to the rise in costs of production and prices of raw materials. Moreover, the persistent increase in the prices of goods and services causes the wages of workers and employees to lose value. This is still attributed to the loss in the value of money. Additionally, the currency rate of a country also loses value due to inflation, therefore leading to the loss of value of products and services such that one would have to spend considerable amounts of money in order to purchase a specific commodity that would have been purchased at a lower denomination. Hence, drawing from my father’s thesis, money determines the value of goods and services and is thus unlike any other good or service.

22/11/2012

Theme: We cannot live without money

Source: Advice from an investment banker

Today morning, I was on my way to the bank to deposit my monthly savings. However, it was a different day at the bank since it was Investment Banking Open Day. The event provided the appropriate venue for people interested in utilizing their finances for large-scale and small-scale investments as well as the right investments to make. Therefore, I decided to ask a young woman who was alone at her stand. I asked her about money as a basic need. She affirmed that money is a basic need in the contemporary world. This is because money has become the only approved and legal form of trade for the acquisition and dissemination of goods and services. For instance, in order to have your daily bread and tea, you need money to purchase the bread and tea. Alternately, even if you wanted to prepare your breakfast, for example bacon and eggs, you still need to purchase eggs, cooking oil as well as the other culinary used to facilitate the cooking. Even for basic body processes such as excretion, you still need to purchase accessories such as tissue papers in order to facilitate the processes that are intrinsic for the body. In summary, money is a basic need in the contemporary world, thus due to its primary place as a basic entity, to survive in this world, money is required.

23/11/2012

Theme: We cannot live without money

Source: Thought derived from the article, “Can You Live without Money?”

Orlando Parfitt in his article, “Can You Live without Money”, talks about the paradox nature of the subject in question. In his article, Parfitt asserts that it is impossible to live ion a world without money. One cannot simply eliminate credit cards, clear debts, spend all the money and close the bank for eternity in order to prove that he or she is not dependent on money. This article inspired me to think about my previous discussion with an investment banker regarding money as a basic need. The investment banker argued that every process in the contemporary world requires the use of money, even the most basic of needs require the incorporation of money. Parfitt does seem to agree with the banker on the basis that money is indeed the most basic need for the modern day world. However, through Parfitt’s article, I was able to discover that money is indeed a basic need, but that does not necessarily imply that we have to be overly dependent on the medium. To be more precise, the contemporary American setting categorizes various needs such as owning a car or a lush house as a basic need. However, such needs are not basic since without them, a person is still able to cope. Hence, by acknowledging true basic needs, we induce less dependency on money, but still, we cannot live without money.

26/11/2012

Theme: Money is one form of wealth

Source: Personal experience

Money is indeed a definitive form of wealth. However, it is just a single form of wealth. What enabled me to know this was based on my trip to the city of Austin in Texas. In Austin, I was able to visit one of my very good friends, Kevin. Kevin’s father owns large tracts of land in the rural part of the city. With these huge pieces of land, Kevin’s father is able to rear various types of animals such as chicken, cows, goats, horses as well as be able to grow subsistence crops such as maize, rice and wheat through an efficient irrigation system. With all these animals and crops, Kevin’s family draws all their produce from the farm’ from the daily meals to money. Through the chicken, they are able to obtain meat and eggs. They also have a bakery with which they bake bread and other confectionaries through the wheat. They also get money from selling the eggs and the veal meat, which is exceedingly common in the city. The experience enabled me to understand that money is not the only form of wealth. Land is only another form of wealth that can be adequately utilized for monetary and basic gain.

30/11/2012

Theme: Money is one form of wealth

Source: Thought derived from Lecture from Economics Lecturer

Yesterday’s lecture saw us beginning on the subject of money. Money is indeed an indispensable subject in Economics since it determines the various processes evident in the economy such as the forces of demand and supply, which are mostly determined by the prices of goods and services. The lecture on the International Monetary Fund (IMF) was not a particularly appealing topic to me but one thing that the lecturer said caught my attention: mode of registration for IMF. Usually, the IMF utilizes the Global Domestic Product (GDP) of its applicants in order to determine if the country is efficient enough to achieve balance pay offs. However, other forms are also used to determine whether the country is eligible enough to achieve membership in the organization. For instance, the organization utilizes gold as a form of country’s wealth. The organization determines the country’s wealth by determining if the country is able to make a certain rate of gold deposits in the organization’s depository. Therefore, the use of gold deposits to determine a country’s wealth indicates that money is not the only form of wealth. Other forms such as gold and other precious metals can also be used as forms of wealth.

3/11/2012

Theme: Money is one form of wealth

Source: Personal experience

Throughout the morning, I had attended court proceedings, which I regularly attend. I usually find the law process to be extremely exciting, informational and exhilarating. One of the cases at that particular time was a civil case between James Muggings, the defendant and the Clive Howard Mortgage Firm, the plaintiff. James Muggings was on trial because he had refused to allow the mortgage firm, Clive Howard to take his house as collateral for failing to pay his mortgage for the last ten years. Under law, mortgages are secured against the assets of the borrower in case the mortgage is not paid. Usually, cash is not required since securitization provides a proper compensation if the borrower fails to pay. The court charged Muggings with contempt, allowed the firm to retrieve the house, and charged Muggings with a three-month jail term. The case enabled me to understand further that money is not the only form of wealth. Assets such as cars, houses and machines can be used as forms of wealth, which is the reason why mortgage forms and other financiers issue assets as collateral in order to convert the assets to money as means of debt clearance.

Works Cited

Parfitt, O. “Can You Live Without Money.” Yahoo! Finance UK. Yahoo!, May 6 2011. Web. 3 Dec. 2012.

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