Money
- Discuss the concept of money. Begin by defining the functions of money and explain how currency meets these functions.
Based on money, there are several functions of money. First, it serves as an exchange medium. This means acting as an intermediary between the seller and the buyer. Second, it obliges as an accounting unit that means that it is the ruler in which other values are measured (Kuikka, 2019). Also, it functions as a deferred standard payment. It means that if recently money is used to make purchases, also it should be permitted to make purchases recently that need to be paid in the future. Lastly, it serves as a store of value, mostly in barter trade, where we learn how the maker of the shoes traded shoes for accounting services (Kuikka, 2019).
- Historically, several things other than coin and currency have been used as money. Using outside research, provide an example of something else that has been used as money, and explain when and where it was used. Do not use the examples given in the text.
Canadian tire money was used as money in Canada in 1958. Additionally, it was formerly conceptualized as a consumer reward tactic. Consumers got tickets that looked like a dollar sign and a tire running hand in hand. This concept of Canadian Tire Money became so famous that other businesses appreciated it and started using it.
- Think about how Scripture influences our attitudes and actions toward money. Which Bible verses related to money challenge you the most? Which biblical concepts have helped form how you think about and act with your money? Explain.
The bible verse that challenges a lot in relation to money is from ‘Psalm 37:21: The wicked borrows and does not repay, But the righteous shows mercy and gives.’ (Botha, 2020). This verse gives us an understanding of how it is essential to stands by our words. I have learned from this verse that if one borrows, he/she should always repay. This concept also makes us learn what we need so as to be righteous. Therefore, we need to be merciful so that if we get to borrow money, we always be in a position to repay (Botha, 2020).
References
Botha, P. J. (2020). “Better is the Little That the Righteous Has than the Abundance of Many Wicked” (Ps 37: 16): social and moral stratification in late Persian-period Judah as reflected by Psalm 37. Journal for Semitics, 29(1), 1-18.
Kuikka, O. (2019). Can cryptocurrency come to fulfil the functions of money? An evaluation of cryptocurrency as a global currency.
Schwartz, A.J. (n.d), Money Supply, The Concise Encyclopedia of Economics, Retrieved from: https://www.econlib.org/library/Enc1/MoneySupply.html