Economics: The Functions of Money

1. What are the functions of money? (5) Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment. Money's most important function is as a medium of exchange to facilitate transactions. Without money, all transactions would have to be conducted by barter, which involves direct exchange of one good or service for another. The difficulty with a barter system is that in order to obtain a particular good or service from a supplier, one has to possess a good or service of equal value, which the supplier also desires. In other words, in a barter system, exchange can take place only if there is a double coincidence of wants between two transacting parties. Store of value. In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value. If money could not be stored for some period of time and still remain valuable in exchange, it would not solve the double coincidence of wants problem and therefore would not be adopted as a medium of exchange. 2. Explain why gold no longer performs the functions of money in the British economy? (5) The point of the gold-exchange standard is that it cannot last; the piper must eventually be paid, but only in a disastrous reaction to the lengthy inflationary boom. As sterling balances piled up in France, the U. S. , and elsewhere, the slightest loss of confidence in the increasingly shaky and jerry-built inflationary structure was bound to lead to general collapse. Thus the failure of inflated banks throughout Europe, and the attempt of hard money. France to cash in its sterling balances for gold, led Britain to go off the gold standard completely. Britain was soon followed by the other countries of Europe. The gold exchange standard was one of the elite collectivist bankers crowning accomplishments. But more coups were yet to come. In 1933 the bankers convinced Roosevelt to call in all private holdings of gold – essentially taking the money of the people. Gold was outlawed. Paper money was no longer redeemable in gold. This is why gold is not considered money in Britain. 3. Why are credit cards not money? (4) Money, in any form, is generally recognized as a very liquid asset, that is an asset that can be quickly converted to cash or used as cash Credit cards work in the same manner as a loan. If you buy an item using a credit card, the credit card company will pay the shopkeeper today and you will have an obligation to pay the credit card company when your credit card bill comes in. This obligation to the credit card company does not represent money. The money part of the transaction between you and the credit card company only comes into play when you pay your bill. So credit cards are not considered to be money. 4. Why is money in the current account of banks considered as money? (4) We have different types of accounts; savings accounts, current accounts and so on. But in this case, the bank rather takes the money you are supposed to receive as interest from you. That interest becomes a source of income to the bank. 5. What would you expect to happen to the rate of interest if money supply increases? Why? Draw a Diagram. (12) If money supply increases, the rate of interest will decrease. This is because the more money is available, the more loans are available. Competition for borrowers reduces the real interest rate. The NOMINAL interest rate may increase if the increase in the real money supply causes inflation. But in the short run, the interest rate falls, but as prices rise the interest rate will rise up again

Peace between Major Religions

Good morning everyone, It has been known that all religions have their differences and this can often lead to some conflict. However, throughout my speech three religion's views on peace will be Investigated and then eventually a solution will be found to living peacefully together. Christians, Buddhists and Muslims all have different ways to achieving peace both internally and externally and it is interesting to see many of the similarities and compare them. However, we have already reached our first differentiation between the religions; their view on what peace is and the source of it.Peace Is a fundamental aspect of all the religions and fleetly Christians would not be able to follow the 10 Commandments if peace was not portrayed through their actions. To love your neighbor as you love yourself requires you to love everyone and through respect and dignity this can be done. The source of peace in Christianity is Jesus himself as he bought peace to the world as he walked It. Jesus Is the peacemaker. Buddhism refers to peace as enlightenment, and the Buddha (a human prince) is the first man to reach enlightenment.Because Buddhism is about this occurrence it is often referred to as the religion of peace. Buddhists believe the source of peace is within everyone and that the Buddha teachings and ways will help everyone find the way to enlightenment. These two faiths could easily live In peace with each other but Muslims believe that to turn a house of war to a house of peace requires Muslims to kill all the non-believers. Personally I believe that this is most pathetic and UN-peaceful or violent way to peace ever.The Muslims seek their peace seeking information from their source of peace, the Quern. As portrayed these already differentiate and bring up multiple problems that could cause conflict. It will soon become very evident that these religions all contradict themselves. All of the religions have their Internal peace organizations and all of these organizati ons explore interrelations with other people outside of their religions. Some of the Christian organizations are SPEAK, Network of Christian Peace, Christian Peacemaker Teams UK and all the Christian churches.Islamic peace organizations include Muslims for Peace, MUNCH and Islamic Peace. I however find a problem with this, which will be explained soon. The Buddhist peace groups include Soak Kaki and Buddhist Peace Group, these 2 organizations are trying to achieve peace not only internally but pass it on to other and share their peaceful thoughts. However if in Islamic countries they seek peace why do they around punishing people and killing them, this appears to be a very urn-peaceful method.For example when I was In Dublin an Islamic country one I got kicked out of the shops because my clothes were too revealing, the police said to me, â€Å"get out of here or I will cut off your hand. † I feel hat the Muslim peace organizations really need to spread quickly because I thoug ht that the police was Just Joking, but no I saw 2 women without their hands. It Is UN- peaceful and doesn't show eternal love and care. Maybe these associations are seeking peace and respecting other people and their beliefs, but their religions as a I OFF All of the religions have their specific ways that they achieve peace or become peaceful within.Firstly Christian's have many ways to achieve peace but these have been paraphrased into a 6 step process: 1) Read the New Testament and the gospels re the best place to start 2) Pray to God, God will help you reach emotional and physical peace 3) Control yourself from doing things you will regret, make sure to think a bout your actions first. 4) Control your anger – sometimes some meditation or quiet time can help with releasing anger, pains and irritations 5) Do not respond to insults 6) Try to make the people who surround you peaceful as well.I believe this is quite an effective and reasonable way to achieve peace within and around you. The Buddhist methods of achieving peace are relatively the same like controlling your anger. However the Buddhist community thrives on meditation and the Buddha taught that through meditation and chant peace will be found internally. Islamic steps to peace were hard to understand at first however after thinking about the method I believe it could be quite effective. They believe that if you come to peace with yourself the world around you will be at peace with you.Therefore they also do some sort of meditation and imagine peaceful non-chaotic places where they are free. Also another interesting suggestion was to pick up a paintbrush and some paint and paint peace. This could be stimulating and personal and therefore be very successful for individuals. In the history of all the religions there appears to be evidence of stories or parables that suggest peaceful actions within the religion. In Christianity I believe that the most peaceful parable is the story of The Good Sa maritan.In this parable an ordinary Christian man is shown to help when others like the priest and a wealthy workingman don't. It shows genuine care for everyone and a form of peaceful treaty between Christianity and humanity. The parable of the Good Muslim is a parable that caches us that Allah is in ways the bringer of peace, â€Å"In the name of Allah [1], the All- Merciful, the Ever-Merciful. All praise is due to Allah, the Lord of the worlds. All Prayers and Peace of Allah be upon the Prophet saws [2]. The last contrasting religion is the Buddhists who have quite a fascinating parable, which relates to achieving peace, it is called, â€Å"The Proud Dung Beetle and the Lump of Dung. † It proves that everyone should be treated equally. It is shown throughout Buddhism that the Buddha, I. E. The prince didn't expect to be treated differently he wanted to be treated the same way as others. This bought to their community respect and no social class that seems to be a problem in modern day society.All in all I believe a mutual friendship and respect towards everyone especially people of a different religion. Respect is the key component in establishing peace between all people. If everyone of opposing religions can respect others beliefs and worldviews I believe that a peaceful solution can be formed within the community. I speak to the Muslims now in saying that you don't have to be apart of the violence in your religion, please feel free to make your own decisions and maybe Join a peace

Should Tourism Be Allowed in Antartica

Should Tourism be allowed in Antarctica? There is no doubt Antarctica is an incredible tourist destination. Visitor numbers have increased rapidly over the last few decades. During 1998-99, in the summer season, over 10,000 tourists visited Antarctica, compared with less than 2000, 19 years ago. This is not necessarily a good thing; what about all of the pollution people cause whilst travelling to Antarctica? This brings us to the question: Should Tourism be allowed in Antarctica?Some people think that tourism should be allowed in Antarctica. They think that people need to be educated about how Antarctica an extreme environment and climate. They think that we need to know what we are doing to the Earth; such as, we are spoiling their habitat by global warming because we are creating too much pollution, therefore creating the green house effect. It could be argued that because Antarctica is such a remote place we need to experience the different cultures, wild life and scenery.They al so believe that Antarctica has a magnificent wilderness with majestic mountains, glaciers, icebergs and abundant wildlife. Its remoteness, inaccessibility and severe climate add an element of adventure to a visit to Antarctica. On the other hand scientists want to go to Antarctica to find out so much more about it. They also carry out the kind of science in Antarctica, that cannot be done any were in the world; they also contribute to solving a global problem.Other people think that tourism should not be allowed in Antarctica because people Might introduce germs and diseases because when people don’t clean their boots they will get muddy and will pollute the water. When people are sick and they go too close to the animals they will give the diseases to them and the animals won’t survive. Also when humans are taken to Antarctica they might harm the animals there, for instance they will leave rubbish in animal habitats. They also might scare the animals with flash photog raphy.They also believe that people might trample penguins breeding areas therefore the number of penguins will go down and eventually the penguins will turn extinct. There are many worries about pollution in Antarctica as well. In the Gulf of Mexico there has been a huge oil spill in the ocean, what if that happened to Antarctica? All of the animals would die, if they keep drinking from the water. In approximately 10 years there will be a huge rubbish dump, because we are leaving too much rubbish in Antarctica. Although tour boats may give people more jobs they are leaving oo much waste in its path. Human Waste and leftover food scraps are usually thrown over the side of boats during tours. This is dangerous for the animals because they might eat it and they would most probably die. To conclude, I think that tourism should not be allowed in Antarctica unless they are scientist and going to preserve the content or to do research on Antarctica; but there has to be rule that you have to get permission from the government and you have to be based a certain amount of distance away from the animals main habitat.

Gay Marriage Essay

The issue of gay marriage remains controversial. Some people think that this trend has adverse effects on the society while others believe that it is seen as a natural trend and right for people to choose this type of marriage. My essay will discuss causes and effects of this problem. First, gay marriage is the result of psychological, legal, economic and biological effects. Medically speaking, if someone is born to be gay, the tendency is that he will not change his nature and want to live with people of the same sex. There are cases of men who marry the opposite sex and end up being unhappy till the day they decide to lead their own lives and stay with the same sex. Another reason is derived from economic drive. Despite not being inborn gay, several people, for sake of profit, opt for the solution to marry the similar sex. Besides, only after undergoing painful break-ups with so many people of the different sex do people lose their belief in love, and hence, choose to be by the side of the same sex. These people are believed to sympathize and care about them more. In addition, in such an open society where equality is recognized, it is inevitable that people can marry the one they love, despite the differences in age, race, family background and marriage notion. There are both positive and negative effects in this problem. As a result of recognizing the right of gay people in form of marriage, the society bestows upon these people the feeling of equity which makes them motivated to work as hard as other people. It is the acknowledgement of gay marriage that talented gay people continue contributing their best to social development, without bias. However, the fear is that no sooner has gay marriage become official than the society lacks the next generation since hardly could gay couples give birth. Another disadvantage is that children who are raised in gay families can rarely receive comprehensive education. Such purely male environment or female one is not enough for kids to develop normally, which might result in their mental disorders and sexual disorientation.

A Different Kind of Nurse

There are many people in my life that have had a significant influence on me. But there is one I’ll never forget. It was my freshman year of high school when I first met her: Ms. Nurse (my Spanish teacher) from Trinidad and Tobago. She spoke the language faster than I could even comprehend. Instantly, I began to panic and had no idea how I would pass the class. As soon as you said her name, people knew exactly who you were talking about. She had a reputation of giving a lot of homework, and working students really hard. I was intimidated. Ms. Nurse didn’t actually give a lot of homework or work students hard. She had a great passion to work students until their full potential came out. Many viewed her as a mean teacher, but there was something about her that inspired me. I noticed that she was doing what was best for us and truly cared about our education. She also taught us about less fortunate children in other parts of the world that would do anything to obtain an education like ours. Ms. Nurse influenced me to appreciate my education and work harder to make the most of it. The way Ms. Nurse taught brought excitement to the classroom. Ms. Nurse would use many different techniques to connect with students. Sometimes we would read and listen to Spanish conversations, draw on the board, look at diagrams, watch video clips, sing songs, and dance to Spanish music. Ms. Nurse made learning fun and I couldn’t wait until the next day of class. All of her different teaching techniques inspired me to pursue a major in education. I realized how much fun I would have and how much power: I could also influence students like she had influenced me. Unlike the other teachers in my school, she was colored (although that didn’t seem to affect her in any way,) nor the way I looked at her. I saw past the color of her skin and noticed that there was more to her. I learned about her life. Ms. Nurse was proud of her accomplishments, because she had gone through a lot to obtain them. I think that’s what inspired me most about her. She grew up with her grandmother in Trinidad and Tobago. She never knew her real father, and her mother had died. When Ms. Nurse came to the United States she faced many hardships because of her circumstances. She helped me realize that I could overcome any obstacle in my path. Ms. Nurse also influenced me to become a better person. During the month of October our class would contribute to UNICEF (United Nations Childrens Fund). My class participated in many different activities such as: donating clothing to charities, raising money for children in need, and helping people within our community. Outside of the classroom, I have also contributed to the Buffalo Audubon Society by participating in wetland clean-ups, as well as local church activities. After seeing the effect I had in my community, I plan to continue actively volunteering. Ms. Nurse also invented â€Å"the hot seat.† Everyday a student would go up in front of the class and sit in a cheetah print director’s chair. She would go around the class and have everyone say something they liked about the person sitting in the chair. The catch was you couldn’t say anything that had to do with his/her outward appearance. I can remember when she called my name to go into â€Å"the hot seat,† as if it was yesterday. I was terrified to get up in front of the whole class and have people say what they really liked about me. I was overwhelmed with feelings after hearing what my classmates said. Many liked my drive and determination. Others liked how I always answered questions Ms. Nurse would ask. Some of my classmates also admired how I would help them if they didn’t understand something. This was one of the many valuable life lessons Ms. Nurse taught us. We needed to look beyond a person’s outward appearance and deep into his /her heart. The influence she had over me was incredible. Although some people don’t understand Ms. Nurse, she was more than just a Spanish teacher to me. It was through her that I learned many valuable life lessons. Not to mention her influence on my future career path.

Roles of State and Federal Governments in employment Regulation Essay

Roles of State and Federal Governments in employment Regulation - Essay Example The employee is protected from employers whose tendency, as business people, is to try to maximize their profits by engaging their employees more and more in the work. Some of the employees are also protected from their employers due to their vulnerability and special need which may make the employers to discriminate against them. The real estate industry in California, like many other industries, is affected by most of the laws and regulations that govern employment. The labor act called the Labor Code in California is one law that affect the whole employment exercise and shows the direction of the services that should be availed to the employees. Some of the articles in this act which touch real estate includes, the payment of wages for the various categories of labor, working hours for laborers, agricultural labor relations, employees’ occupational privileges and restrictions, suits involving employers and labor unions, farm labor contractors, sanitary conditions, safety measures and other health provisions in the places of work and so on (Guerin, 2006). Real estate employs different categories of workers like janitors, estate managers, seasonal laborers such as repairers and others. One law of importance in the employment of these groups of people is found in SECTION 1060-1065 defines a contractor and subcontractors and other terms relating to contracts and how they are to be awarded. Section 1020-1024 of the California labor code which revolves around person employing people who have no contractor’s license to do a job for which such license is needed, misrepresenting an employee as an independent contractor in order to evade tax and other provisions that involve contractors and their obligations. Section 250-257 also has provisions for payment and wages of people hired in California but work in other states and the dispute resolution arising from such cases. Then sections 1400 -1408 talks

Case analysis Study Example | Topics and Well Written Essays - 1000 words - 5

Analysis - Case Study Example In the United States McDonalds is considered responsible for the increasing rate of obesity in the country and is alleged of promoting unhealthy food products and thus it has created a threat for the company. For an effective sustainability of the company, it is essential to adopt an effective marketing strategy that would promote healthy food products as well as the health risks from their consumption (Currie, Vigna, Moretti and Pathania 1-41). McDonalds are taking steps to enhance its image through promoting healthy foods. McDonald’s is among the largest fast food companies that operate all over the world having its head quarter in the United States. For the past several years, company is facing several issues regarding their marketing strategy as well as harmful impacts on the people due to the consumption of their fast food. It has been found through survey that a higher percentage of obesity all over the world including the United States is caused due to increasing rate of consumption of fast food. This is creating a threat for McDonalds brand image in the USA. However, McDonalds is using various marketing strategies to promote its food as healthy. Obesity is generally a metabolic disorder through which excess fat is accumulated in the body that negatively affects the health condition of an individual, leading to other chronic diseases. Level of obesity is measured with the help of Body Mass Index (BMI) and an individual in the Western countries are considered as obese if his/her BMI exceeds 30 kg/m2 . The reason for the increasing rate of obesity in the United States is considered due to the high intake of fast food and less physical activity. However, the government of the United States considered McDonalds as the main culprit for the increasing rate of obesity in the country and implemented various policies for restricting the marketing activities that would make fool of the people. In the year 2003, two obesity suits were made