Characteristics of Money to Function Effectively

Characteristics of Money to Function Effectively Explain the characteristics required by money if it is to carry out its functions effectively. What is money? Money is primarily a current medium exchange, for a person to buy goods and services from other person in the form of coins and banknotes (Freeman, 2012). It is critical to have a clear definition between money and wealth. In general, people may tend to use the term â€Å"money† as a synonym for â€Å"wealth†, such as Warren Buffet has a lot of money. However, economists clarify that these two terms are not in fact synonymous. In the side of economics, â€Å"money† is specifically used to refer to the currency, but not an individual’s wealth or assets. Yet, technically anything can be served as money as long as it possesses the following four main functions (Beggs, 2014). First of all, it must have the primarily function of serving as a medium of exchange. People need an item that is able to act as money to undergo the activities of buying and selling goods and services. In other words, an item that considered as money must be widely being accepted as payments for goods and services (Beggs, 2014). Money has made the transactions easier as everyone is willing to trade money for goods and goods for money. However without money, the transactions must be conducted through the barter system where exchange can only happen if there is double coincidence of wants. This system will cause inconvenience to the people as they cannot buy what they want or need or the seller may hard to sell his goods unless double coincidence of wants happens. Hence, we can conclude that money has eliminated the inconvenience which was faced in barter transactions by eliminating the double coincidence when purchasing or selling goods and services (UPADHYAYA, 2012). People can buy what they need from the seller and inversely seller can sell all the goods and services to people who need. Besides that, money is able to create efficiency as it eliminates uncertainty regarding what is going to be accepted as payment by various businesses. With a generally accepted medium of exchange, trades are easier, more efficient, and resources can spend more time doing production (Money Functions, 2000-2014). Besides that, an item must work as unit of value or standard value in order to consider as money. Money is being used as the common benchmark to designate the prices of goods throughout the economy (Money Functions, 2000-2014). Money provides and measures various goods and services with different value that produced in the economy, in the terms of monetary unit. Without this function, money is extremely hard to identify since there is no value in between, and also hard to make a decision on how much volume of goods and services should be given in exchange of a given quantity of a commodity in a barter economy (UPADHYAYA, 2012). However, money has solved this problem by letting people to know the exact value or price of a good. It enables both the suppliers and buyers to make wise decisions about how much to supply for the goods and how much to purchase in exchange (Function of Money, 2013). Moreover, money must be able to hold its purchasing power over time to a reasonable degree so that people can store surplus purchasing power and use it whenever they want and need. If money could not store even for some period of time and still remain valuable in exchange, double coincidence in barter system would not solve and therefore would not adopted as a medium exchange. People will face a problem in buying whatever they want or needed (Function of Money, 2013). So, this feature adds to efficiency as it gives producers and consumers flexibility in the timing of purchases and sales (Beggs, 2014). Money can also be accumulated to provide a source of wealth. It may not be the best store of value in economy since it depreciates with inflation, but money is more liquid than others as it is readily accepted everywhere. Furthermore, money is an easily transported store of value that is available in a number of convenient denominations (Function of Money, 2013). The last main function of money is acting as a standard of deferred payment in an economy. It simply means that money is used for specifying future payments for current purchases. People who purchase some high value goods can pay off the payments in their future. This function may seem confusing or obliterate, but it is a direct result of the store of value and unit of account. However, for money to be deferred payment standard, it must retain its value and also store its value by anticipating future money values based on future inflation (Money Functions, 2000-2014). If money failed to do so, there would be a big different between the current price and future price that both creditors and debtors would stand to lose in this situation. The characteristics of what item can be served as money always depend somewhat on the degree of complexity in the society. A relatively simple economy, with relatively few goods and services, few producers and consumers, and few transactions, may be able to function with a form of money that would not work in a more complex society. Nowadays, it is impossible for a shell or furs working particularly well as money in Canada. However at an earlier time, it could and it did in a simpler economy (The Characteristics of Money, 2000). There are some general characteristics that money should possess where it is usually important for whatever serves as money in a modern society. First, money must be durable that needs to withstand every day wear and tore (Rouse, 2011). Money must have the ability to survive repeated usage over time by retaining the same shape, form, and substance. Money also must not be easily decomposed, deteriorated, degraded, or otherwise change form so that it can store its value a period of time. Durability is fundamental for money to perform the related functions of medium of exchange and store value. People who are willing to accept an item which act as money for the payment of goods, are due to the confidence and trusty on that item where it can serve as a medium of exchange for something value and also able to trade in future time for other goods. If an apple is acting as money and pay for everything in apples, problem will arise since apples will be rotten in few days and can’t store value although able to work as a medium of exchange. So when an item is able to work as a medium of exchange, it usually able to store value fr om one transaction to the next too. Somehow, it is also related to the function of standard of deferred payment that durability ensures that money can be survived over an extended period of time. Therefore, people are able to pay off their payments in their future (Money Characteristics, 2000-2014). Second, money must be divisible where has ability to be broken down into smaller units or smaller denominations for transactional purposes of varying values goods. People will only need as much money as is necessary for their purchases. For example, 100 cents is equal to RM1. If the money is in bigger units, then people will hard to pay their low price goods as division is too big and will cause inconvenience. For an item to function as the medium exchange, it must be divisible so that people can purchase goods with wide range of different values. It must have increments that allow to be traded for both high value goods and also low value too with everything in between. Unit of account can also be performed in this characteristic by providing a common measure of the goods and services’ value being exchanged. Therefore, it is necessary for money to be easily broken down for different types of transactions (Money Characteristics, 2000-2014). Third, money must be portability or transportability where it can be easily moved from place to place for transportation. Money must be portable that give an advantage to all people for transporting or transferring their money from a place to another place or one to another. To perform the medium of exchange, money should be light and easy enough to bring everywhere for purchasing goods and even bring it for travelling. However, if money is as heavy as an elephant, it is hard to bring it everywhere and cause inconvenient to people. Hence, money must be portable for medium of exchange. Fourth, money must be difficult in counterfeiting and limited in supply so that money is able to store its value. It simply means that money cannot be duplicated easily by everyone other than the government. It must be relatively hard to produce and obtain by people. If everyone is able to â€Å"print up† or â€Å"whip up† a batch of money at any time when they needed, the store value of the money will drop since they can produced easily without limit. Moreover, if money can be reproduced by people, price will highly likely be very high since everyone can obtain it easily and couldn’t control the supply. Hence people need a lot of that item in order to exchange goods. It will affect the store of value and somehow the medium of exchange too (The Characteristics of Money, 2000). Fifth, in terms of a form of currency being accepted within society, money must be accepted by everyone in the economy (Normanton). It simply means that money should be widely accepted as a means of payment that every country must agree to accept it as a medium of exchange. Everyone in an economy must be able to exchange for goods and services, and hence this acceptance is for the purpose of exchanging. Acceptability is important for money to perform the relatively functions of medium of exchange and standard of deferred payments. If a type of money is only accepted in certain areas and not others, it will be inconvenience for people to exchange goods and services outside the country. Moreover, it also related to the standard of deferred payments. The currency must be accepted by everyone so that the current purchases can be paid in future. Last but not least, money should maintain a relatively stable value which is stability or uniformity. Money must be worth the same over time or simply means always maintain the same value for a long period (Rouse, 2011). Money within that specific currency must look the same by depending on the various types of currency that are available (Normanton). If the money value is not stable every time, it will consider as useless money since money is the standard for people to measure accurately for the value of commodities (Studypoints, 2011). Stability helps to perform all functions of money in an economy. As the money is stable, people can exchange their goods and services with reasonable prices from each other. Other than that, money can be counted and measure accurately as the money is stability. By relating to the function of store of value, stability can provide people a source of wealth. If the money is not stable, people will get back less money than the money they have invested. S tability of money can also help to perform the function of standard of deferred payments by enabling people to pay in future time. If the money is not stable, people will tend to confuse on how much they need to pay for that good. In conclusion, the functions of the money are interrelated with the characteristics of money. If one of the functions or characteristics failed to do so, it will seriously affect the currency of the value in an economy. Hence, the money needs to be durable, portable, and divisible, be stable, difficult in counterfeiting and limited in supply, and also acceptable to all countries and people. However, the most essential attribute of anything that serves as money is acceptability that it must be readily accepted by people in the economy. Bibliography The Characteristics of Money. (2000). (Canadian Foundation for Economic Education, 1994) Retrieved March 14, 2014, from Money: Its Functions and Characteristics: http://www.moneyandyouth.cfee.org/en/resources/pdf/moneyfunct.pdf Money Characteristics. (2000-2014). Retrieved March 14, 2014, from AmosWeb: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpdc=dspk=money+characteristics Money Functions. (2000-2014). Retrieved February 23, 2014, from AmosWEB: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpdc=dspk=money+functions Function of Money. (2013). Retrieved March 08, 2013, from CliffsNotes: http://www.cliffsnotes.com/more-subjects/economics/money-and-banking/functions-of-money Beggs, J. (2014). What is Money? Retrieved February 23, 2014, from About.com: http://economics.about.com/od/money/a/What-Is-Money.htm Freeman, A. (2012, January 12). Economics and Liberty : What is Money? Retrieved February 23, 2014, from WordPress.com: http://economicsandliberty.wordpress.com/what-is-money/ Normanton, R. (n.d.). What Are The 6 Characteristics Of Money? Retrieved March 15, 2014, from Blurtit: http://travel.blurtit.com/1119605/what-are-the-6-characteristics-of-money Rouse. (2011, March 26). Functions and characteristics of money. Retrieved February 24, 2014, from Mr Rouse Online Classroom: http://mrrouse.com/2011/03/26/money/ Rouse, M. (2011, March 26). Mr Rouses Online Classroom. Retrieved March 14, 2014, from Functions and Characteristics of Money: http://mrrouse.com/2011/03/26/money/ Studypoints. (2011, November 21). What are the good qualities of money materials. Retrieved February 24, 2014, from Studypoints: http://studypoints.blogspot.com/2011/11/what-are-qualities-of-good-money_7256.html UPADHYAYA, K. (2012). 4 essential functions of Money. Retrieved January 23, 2014, from http://www.preservearticles.com/201104115268/4-essential-functions-of-money.html

Jhumpa Lahiri’s the Namesake Speech

Claude Levi-Strauss once said ‘being human signifies, for each of us, belonging to a class, a society, a country, a continent and a civilization. ’ Belonging is a human desire of being accepted with people or places. In Jhumpa Lahiri’s story, The Namesake, the story follows the Ganguli family from their traditional Indian life in Calcutta through their uneasy transformation into America. This family is strewn with opposing fidelities and the underlying concept of the difficulties of cultural belonging, for being tradition bound immigrants. The common use of the food motif and repetitive contrasts between the cultures of India and America throughout The Namesake create cultural jarring, which demonstrate cultural transitions. The novel opens with Ashima, a newly arrived Indian immigrant in America, making an Indian snack as best she can using American-branded ingredients. Ashima focalizes, â€Å"as usual there’s something missing†, reinforcing the challenge of her own transition to adopting a new culture alternatives. Whilst the iconical American brands of â€Å"Rice Krispies and Planter’s Peanuts† are familiar to western readers, for Ashima it emphasizes her difference, establishing a cultural jarring within her experience of immigration. Another instance where the food motif is evident is at Gogol’s ‘Rice Ceremony’. The traditional Bengali ritual, lays a pen, a handful of earth and some money in front of the baby to determine their future career. The objects are layed in front of Gogol and he turns away. An ‘uncle’ then proclaims that, â€Å"most children will grab at one of them†¦but Gogol touches nothing’. The inability of the baby Gogol to choose anything forshadows uncertainty plaguing him throughout his life. This contrast between Gogol and ‘most children’ makes him become different, which emphasis Gogol’s struggle to belong in both American and Indian civilization. In order to belong to a society, effort must be made to immerse yourself into the patterns and behaviors of the people surrounding yourself. Gogol acts as a mediator between American and Bengali customs, for his parents. This further places him in the middle of the two society’s, not fitting in solely in either. A key means through which Ashima connects with foreign American people is by taking Gogol with her as she goes about her daily life. As she runs about her errands, â€Å"strangers, all Americans, suddenly take notice of her, congratulating her for what she’s done. † The frequent pauses in this line, show Ashima’s sudden shock of her newly found link to America. For Ashima, Gogol is the only way she can connect to the American society, yet it is significant to notice that Gogol resists this mediating role. By rejecting his Bengali origins in preference for an Americanised identity, Gogol projects an internalized racism against his family’s cultural roots. Although he is exposed to both Bengali and American society he makes the conscious effort to be immersed in solely the American culture, thus segregating himself from his heritage which causes him to feel inadequate. Gogol is invited to many Bengali gatherings to encourage him to adopt both cultures but, â€Å"he has no ABCD friends at college. He avoids them, for they remind him too much of the way his parents choose to live†, that is showing a dual-identity. This omnisciently narrated line suggests he makes no effort to associate himself into the Bengali society, which will in the end limit his enrichment in either society. Becoming culturally connected ensures a stronger sense of individual belonging. In The Namesake Maxine attempts to become involved in the Ganguli’s traditional culture, her outlook on relationships becomes too different for Gogol’s parent’s as they, â€Å"avert their eyes when Maxine accidentally leans over to run her hand through his hair. † This act of American relationship publicity, stuns Ashoke and Ashima, as it is forbidden in Bengali culture to display affection in this manner. This restrains Maxine from connecting to Gogol and his family, because she is unaware of multiple customs, which would segregate her from being accepted into their culture. Gogol decides that to belong into the American culture he should change his name, thus changing his identity. He came across the idea of a name change when reading an article which said, â€Å"it was a right belonging to every American citizen† to rename themselves if they feel it doesn’t coincide with their life. Though Gogol changed his name to Nikhil, this statement becomes slightly ironic as he never feels â€Å"all American†. To belong to a culture, adapting or changing oneself to fit into the desired position cannot come from a want; it should be a natural transition. Everyone has a desire to belong anywhere that they may be. However by avoiding or choosing too much against what is natural, then they will often struggle to belong. Fitting into a culture, society or civilization depends on a person’s character and how they choose to interact with the people surrounding them. For Gogol to belong in any of these classes acceptance of himself including his own Bengali background should be part of his journey.

Gay and Lesbian Theater

â€Å"Gay and Lesbian Theater† Gay and Lesbian themes were introduced into the theater before the 1960s. Long before homosexual characters were seen in American plays on a regular basis, there were isolated incidents when a gay or lesbian appeared in the plot; they were called freaks when doing so. Many people were often offended by homosexuality. Cross dressing was used in performances that raised concerns about sexual and gender roles: men dressed in drag and women wore men clothing. Festivals were used to educate and entertain audiences.The theater festival was introduced to spread awareness on issues, themes, and problems that deals with gay and lesbian lifestyles in the theater. Edward Albee, William Inge, and Tennessee Williams all introduced works in the mainstream. The mainstream theatre is embracing theatre with Gay and Lesbian themes. Sometimes the move forward is furiously examined by Gays and Lesbians, like for the various performances of straight Vivienne Laxdal à ¢â‚¬Ëœs Karla and Grif. Many gays and lesbians found it offensive for its stereotypical lesbian characters and others found it refreshing for its depiction of the fluidity of sexuality.Other works such as The Boys in the Band has been successful at bringing out this sexuality. In 1980 a play as such was proven to be enjoyable and considered a new kind of play. Dealing with issues of gays is being expressed more often. In certain dramas, lifestyles of gays and lesbians were forthrightly presented. A sense of urgency was engendered by the AIDS crisis and gay rights as another concerned issue. Viewing a play like this myself tells me that it’s very true. Many people came out to see La Cage Aux Folles when I believed it would not be interesting or crowded.Other people know if actors are gay, lesbian, or bisexual, but few people would disagree that the theater world is friendly toward a variety of nonconformist than most professional fields. Same-sex love has been associated with acting for over 2000 years in the west during Roman times. It has been said that these types of relationships are accepted in this type of profession because it’s considered the least respectful environment. Viewers are less likely to accept same-sex lovers than the company who hires them.The text stated that gay, lesbian, and bisexual actors support the Queer Theory considers the â€Å"performative† nature of gender: the idea that gender â€Å"identity† is actually nothing more than a â€Å"role† actor learns to do what’s necessary. Actors may be more skilled at their role with this type of experiment and not be judged by society, if that statement is true. Living double lives in the theater wasn’t very hard to do. Publicist often manipulated the media making easier for actors to do so. Actors such as Montgomery Clift, James Dean, Greta Garbo, Cary Grant, and Randolph Scott lived these constricted lives.The text stated that 29 percent of Am ericans would be â€Å"less interested† in seeing their favorite actor perform in a movie or TV show if they learned that he or she was â€Å"gay† in 1995. Many actors who were gay often didn’t want their named linked to anything they choose to provide to the media. Gay and lesbian actors are more seen in films and on stage a lot more today. Sexuality is still a question rather it should be should treated as heterosexuals would still remains. You can enjoy an ordinary film the same you would a film with homosexuals. As I stated early I’ve viewed a play with men dressed in drag as well as men dating women in a play.Their acting skills are just the same. Who or how they choose to live their personal lives doesn’t affect their acting skills. Some viewers still don’t agree with it along with critic but it’s amongst our society within all cultures. Bibliography Hischak, Gerald Bordman and Thomas S. â€Å"Gay and Lesbian Theatre in America . † 2004. The Oxford Companion to America Theater. 20 April 2010 ;http://www. encyclopedia. com;. ;. Hudson, Steve Hogan and Lee. Completely Queer: The Gay and Lesbian Encyclopedia. Markham: Henry Holt and Company Inc. , 1998. Wilson, Edwin. The Theatre Experience. 11th. New York: McGraw-Hill, 2009.

Euthanasia Ethical Choice or Not - 1236 Words

In today’s society we are constantly being presented with choices that require our judgement on whether we believe that choice is ethical or not. Most of these choices are not things that we will likely ever be confronted with, and yet we are compelled to judge the moral actions of others. Euthanasia has come to the fore-front of these moral and ethical issues. Euthanasia is defined as â€Å"the painless killing of a patient suffering from an incurable and painful disease or in an irreversible coma† and is derived from the Greek words eu and thanatos, meaning â€Å"easy death†. There has been much controversy throughout history as to whether euthanasia should be legal or is ethical. In ancient times, doctors have two roles in society; to heal and to kill. Plato said â€Å"Mentally and physically ill persons should be left to death; they do not have the right to live† (New Zealand resource for life). This argument makes his beliefs on euthanasia very clear. 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