Most people don't spend much time wondering what money is, their major concern is how much they have, and how to get more. Usually, the question of what money IS arises only when money ceases to function properly. In economics (properly understood), the answer to the question - what is money?
Before the development of a medium of exchange, people would barter to obtain the goods and services they needed. This is basically how it worked: two individuals each possessing a commodity the other wanted or needed would enter into an agreement to trade their goods.
This early form of barter, however, does not provide the transferability and divisibility that makes trading efficient. For instance, if you have cows but need bananas, you must find someone who not only has bananas but also the desire for meat. What if you find someone who has the need for meat but no bananas and can only offer you bunnies? To get your meat, he or she must find someone who has bananas and wants bunnies...
The lack of transferability of bartering for goods, as you can see, is tiring, confusing and inefficient. But that is not where the problems end: even if you find someone with whom to trade meat for bananas, you may not think a bunch of them is worth a whole cow. You would then have to devise a way to divide your cow (a messy business) and determine how many bananas you are willing to take for certain parts of your cow.
To solve these problems the commodity money has come, which is a kind of currency based on the value of an underlying commodity. Colonialists, for example, used beaver pelts and dried corn as currency for transactions. These kinds of commodities were chosen for a number of reasons. They were widely desired and therefore valuable, but they were also durable, portable and easily stored.
The importance of money in a person's life can vary greatly by individual, culture, and social status. Its value is usually established early in life according to the value it holds with parents and caregivers.
For every individual, money will only be as important as the desire for the things that money can buy. Consequently, studies confirm that money holds a far higher degree of importance to those who have it. This theory is based on the assumption that an individual who has never experienced the luxuries that come with wealth may wonder what it might be like to have them, but cannot actually "miss" what they have never known. However, those who have grown accustomed to having these luxuries will go to great lengths to keep them.
I believe that money can buy many luxuries. However, I feel that health is still the most important. I would rather be healthy than wealthy. If you are rich but do not have the health to enjoy spending your money, then money is truly useless. This is common sense. Thus, in order to be happy, a person has to be healthy and wealthy.
Although it is important to be rich, I feel that we should not work too hard to be rich. A person can be wealthy if he works long hours every singe day. However, he will not have the time to enjoy spending his money. Furthermore, he will be less happy working so hard. Hence, I feel that we should try to find ways that allow us to be rich without working too hard. People might feel that there is no way a person could get rich without working hard. However, I feel that by utilizing our powerful minds, we will be able to get rich without working too hard. There are many real life examples. I hope to be able to achieve this.
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