Topics.

1. The value of college education. (Threshold, Unit 2)

To begin with, I will discuss what the value of a college education means to me. A higher education will give me many physical benefits such as economic stability, a better quality of life for my family, more career choices, better job security, set a good example for my children; at the same time, a college education will also give me many intangible benefits such as boosting my self-confidence, helping me to learn specialized knowledge, thinking critically, bringing me in contact with different people, learning better communication skill and being part of a team. It is something that will serve me well throughout my career and life.

So what is the value of college education ?After I sat down and took some time to carefully consider what a college education meant to me, I came to the conclusion that a college education offers many short-term and long-term benefits to me.

One of the definite benefits that a college education can give to me is better economic stability. I believe in this popular saying, "Money can not buy everything, but without it, one can not buy anything". So forgive me being so...

2. Money: history, functions, forms. (Overview, Unit 4)

Most people use money every day. It is so common that many people rarely think about why money is important and what gives it value. In general, money is any item that is widely accepted as payment for products. It is something people see and use almost every day. Though money is commonplace, its forms and functions are complex. The familiar paper bills and metal coins are only two of the forms money can take. In the past, many things served as money – beads, shells, dog’s teeth, cattle, stones, tobacco, fishhooks and even slaves. Precious metals, especially gold and silver, have been a favourite form of money.

In most modern economies money serves several functions. As a means of exchange money is used to trade for goods and services. Less complex societies often do not use money at all. They simply barter, or trade, one product for another. Two farmers may trade a bushel of wheat for a jar of milk, for example. The more complex a country’s economy is, the harder it is to use a system of trading one good for another. Money is the answer to that problem.

As a store of value people use money to save their wealth for the future. Storing goods is not so easy as storing money. Many goods, such as food, spoil quickly. Others, such as cars, take up a lot of space. But money can be kept in a bank or a safe or a pocketbook until it is needed.

As a standard of value money is used to compare the worth of one product with that of another.

Sometimes, time deposits also are considered a form of money. Several other things are used like money. Economists call things used for some, but not all, of the functions of money near money. Credit cards, for example, allow a purchaser to borrow money from the seller of the purchased goods. Insurance policies, stocks, and bonds are stores of value and can be exchanged for money. They are other examples of near money.

Money is very important in our society. You have your own beliefs about the value of goods, services, jobs, and people. Often the value you place on an item will differ from its monetary value. You may feel that some things are priceless and others are not worth as much as they cost. Your own values dictate what you are willing to do for pay.

Forms of money.

Everybody knows that there exist several forms of money. But few people can name them. I’ll try to encompass all of them to you.

In the United States most money is in the form of checking accounts. A checking account is a bank account in which money has been deposited. A withdrawal can be made at any time using a check. Check is a written order to a bank to pay a certain amount of money to the person or business to whom the check is made. Depositing $100 in a bank checking account increases the sum the depositor can draw on by that amount. From then on, the depositor need not have $100 in paper bills or coin in order to buy something worth $100. Simply writing a check will cover the cost. By the way, checking accounts are also known as demand deposits, because their owners have the right to demand them from the bank whenever they wish.

Sometimes time deposits are considered a form of money. A time deposit is a bank deposit that can be withdrawn at a certain time in the future, or on advance notice. Time deposits cannot be withdrawn using a check. I can add that a savings account is an example of a time deposit. When savings accounts are used as a store of value, savers deposit their money for use in the future instead of in the present. The bank book is a record of a person’s deposits and percentage the bank paid for use of the money.

Now I would like to come back to checks. It’s common knowledge that almost all firms use checks to pay their accounts, and most people also are paid by check. But that does not mean that checks are substitutes of money. Checks are more convenient and safe to use than currency. They are flexible in that they can be written for any amount. They provide a legal record of financial transactions. However, although most people and institutions accept them, checks are not legal tenders. Legal tender is money that, by law, must be accepted in payments of debts. So, on balance, the only legal tender in the United States is currency. Just as a matter of interest I’d like to stress that several other things are used like money. Credit cards are a common way to purchase goods and services. If the card is used to buy gasoline, the gas station will record the name and number and send it, along with the bill for the gasoline, to the credit card company. The credit card company will then pay the gas station and send the buyer a bill for the amount of the gasoline. Credit cards are not money, though, since they can be traded only for certain products from certain companies. As for money, it can be exchanged for anything.