The Different Types of Money in an Economy

While it is true that all money in an economy serves three functions, not all money is created equal. Commodity Money Commodity money is money that would have value even if it were not being used as money. (This is usually referred to as having intrinsic value.) Many people cite gold as an example of commodity money since they assert that gold has intrinsic value aside from its monetary properties. While this is true to some degree; gold does, in fact, have a number of uses, its worth noting that the most often-cited uses of gold are for making money and jewelry rather than for making non-ornamental items. Commodity-Backed Money Commodity-backed money is a slight variation on commodity money. While commodity money uses the commodity itself as currency directly, commodity-backed money is money that can be exchanged on demand for a specific commodity. The gold standard is a good example of the use of commodity-backed money- under the gold standard, people were not literally carrying around gold as cash and trading gold directly for goods and services, but the system worked such that currency holders could trade in their currency for a specified amount of gold. Fiat Money Fiat money is money that has no intrinsic value but that has value as money because a government decreed that it has value for that purpose. While somewhat counterintuitive, a monetary system using fiat money is certainly feasible and is, in fact, used by most countries today. Fiat money is possible because the three functions of money -- a medium of exchange, a unit of account, and a store of value -- are fulfilled as long as all people in a society acknowledge that the fiat money is a valid form of currency. Commodity-Backed Money vs. Fiat Money Much political discussion centers around the issue of commodity (or, more precisely, commodity-backed) money versus fiat money, but, in reality, the distinction between the two isnt quite as large as people seem to think, for two reasons. First, one objection to fiat money is the lack of intrinsic value, and opponents of fiat money often claim that a system using fiat money is inherently fragile because fiat money doesnt have a non-money value. While this is a valid concern, one must then wonder how a monetary system backed by gold is significantly different. Given that only a small fraction of the worlds gold supply is used for non-ornamental properties, isnt it the case that gold has value mostly because people believe it has value, much like fiat money? Second, opponents of fiat money claim that the ability for a government to print money without having to back it up with a specific commodity is potentially dangerous. This is also a valid concern to some degree, but one that is not entirely prevented by a commodity-backed money system, since its certainly possible for the government to harvest more of the commodity in order to generate more money or to revalue the currency by changing its trade-in value.

Persuasive Essay On Legalizing Marijuana - 1746 Words

Legalizing Marijuana Can you imagine being just six-years-old and suffering from over three hundred violent seizures a week? From birth, Charlotte Figi suffered from a rare form of epilepsy, which caused these seizures. After trying everything to help Charlotte, her parents finally decided to try medical marijuana, and it worked! Charlotte still had seizures, but now, she had maybe two or three seizures a month instead of three hundred a week. Charlotte’s story and many similar stories, along with medical research and sound reasons, have caused the public’s opinion about marijuana to change in favor of legalizing it, and I agree. I strongly believe that marijuana, and especially medical marijuana, should be legalized across the entire†¦show more content†¦For example, much earlier in 1996, California’s Proposition 215 stated that people who are twenty-one and older could possess eight ounces of marijuana and grow six mature plants in their homes. More recently, Montana ’s Initiative said that people could possess only one ounce of usable marijuana and four plants. Within the past three years, Maryland’s House bill allowed people to have only a thirty-day supply of marijuana with the total amount to be determined. Other states, including New York, Pennsylvania, and most recently, West Virginia, followed Maryland with similar laws and requirements. For their own safety, patients need to go through the thorough task of knowing exactly how much marijuana they can legally possess and grow and which conditions are even approved for medical marijuana -- cancer, glaucoma, HIV or AIDS, or chronic or debilitating diseases, like seizures, spasms, Tourette’s Syndrome, or multiple sclerosis. Also, they must register as medical marijuana users but only in their own states because this registration is not recognized from state to state. Maryland, California, Arizona, and other states will not allow visiting patients to buy marijuana from t heir dispensaries. Obviously, legalizing marijuana, especially medical marijuana, would take a tremendous burden off the people who depend on it to improve theShow MoreRelatedPersuasive Essay: Legalizing Marijuana965 Words   |  4 PagesSunday March 29th Paper 3: Persuasive â€Å"Advantages of Legalizing Marijuana† Advantages of Legalizing Marijuana Marijuana use is on the rise, especially among teenagers and young adults. With the recent laws passed in eight states about legalizing medical marijuana , many stand divided when it comes to this never ending debate, but I firmly believe that this miracle working drug should be legalized throughout the United States. Marijuana is by far the most commonlyRead MoreEssay on Legalizing Marijuana-Persuasive Outline941 Words   |  4 PagesBilly Bob Joe Good Example Persuasive Speech Outline Purpose: To persuade my audience to: support the legalization of marijuana, because of it being able to provide many medical as well as economic benefits for the United States if legalized. Thesis Statement: Marijuana has been regarded as a harmful plant that can endanger lives and is thought to be nothing more than an extra problem to be dealt with in today’s society. However, based on its economic value and medical benefits, theRead MoreLegalizing Marijuana1592 Words   |  7 Pagesdisobey unjust laws. Martin Luther King Jr. Many people ask â€Å"why should marijuana be legalized†? when the real question that we should be asking is â€Å"why shouldn’t marijuana be legalized†?. Marijuana also known as hemp is a naturally grown plant that has been around for decades dating back to around 2697 B.C., when the Egyptians would use it to cure many common ailments, and the Chinese would use it for therapeutics. Using marijuana not only to cure common illnesses but for your pleasure as well shouldRead MoreIs There A War On Drugs?949 Words   |  4 PagesSom Altena Ms. Van dyke Sun Nov, 30 Persuasive essay Is this really a war on drugs? Is this really a war on drugs? Many people believe that cannabis became illegal because of scientific and medical and governmental examinations that prove that this substance is dangerous. Cannabis became illegal because of racism in the 1900s. People tied this drug to African Americans and Hispanics. They said that this substance made people have violent attributes. There also was a man named Harry J. Anslinger;Read MoreKeeping Marijuana Illegal2777 Words   |  12 PagesKeeping Marijuana Illegal 1 Why Marijuana Should Remain Illegal Keeping Marijuana Illegal 2 Why Marijuana Should Remain Illegal Marijuana is proven to contain more than 400 chemicals. Throughout time, it has been used to eliminate pain. Marijuana became illegal in the 1930s when it became known as an intoxicant drug and a dangerous narcotic. Along with becoming illegal came the restrictions of growth, sales, and consumption. Marijuana has many

Theories Applied For The Tv Viewers Samples †MyAssignmenthelp.com

Question: Discuss about the Theories Applied For The Tv Viewers. Answer: The various shows that are viewed on television have immense effect on the lives of the viewers and the ways by which they develop the patterns related to socialisation. The reality television shows mainly affect the daily lives and social positions of the viewers. The two major theories that are related to the ways by which these shows affect the lives of the human beings who are considered as social beings. The viewers mainly engage in the behaviours which are related to the ability to be liked and accepted in the society. The reality TV shows mainly enhance this aspect as the contestants are not only judged by their talent, they are also judged based on the levels of their likeability among the audience. The shows can also act as a platform from the traits related to the likeability of a person can be judged by the society (La Ferrara, Eliana 2016). The other way by which these shows enhance the social identities of the viewers is the journey of the contestants from ordinary peopl e to gaining the fame that they dreamt of. The reality shows also have the ability to teach many different types of skills that are depicted by the contestants on the shows. The social learning theory is mainly related to the three types influences as discussed above. This theory enables the viewers to get influenced by the various different reality shows and develop their perceptions related to these shows as well. The effect of these shows on the viewers is related to the influence they have on the entire society (DeFleur, Melvin and Margaret 2016). References DeFleur, Melvin L., and Margaret H. DeFleur.Mass communication theories: Explaining origins, processes, and effects. Routledge, 2016. La Ferrara, Eliana. "Mass media and social change: Can we use television to fight poverty?."Journal of the European Economic Association14, no. 4 (2016): 791-827.

The 4P strategies of Wal-Mart and Carrefour free essay sample

On July 2, 1962, the first Wal-Mart store was opened by Sam Walton in Rogers, Ark. After 28 year’s development, Wal-Mart became the nations number-one retailer by 1990. Wal-Mart’s 10,900 stores under 69 banners in 27 countries and e-commerce websites in 10 countries are visited by more than 245 million customers and members each week. Wal-Mart International is currently the fastest growing part of its business and it leverages its global resources to meet local needs. With fiscal year 2013 sales of approximately $466 billion, Wal-Mart employs 2. 2 million associates worldwide(Wal-Mart,2013). 1. 1. 2The development and history of Carrefour The Carrefour supermarket company was set up by the Fournier, Badin and Defforey families who run a discount supermarket in Annecy in 1959. More than 9900 company-owned and franchise stores are run by Carrefour Group currently, and now the Group operates on three major markets: Europe, Latin America and Asia. Because its stores spread in more than 30 countries, Carrefour generates more than 55% of its sales outside France. We will write a custom essay sample on The 4P strategies of Wal-Mart and Carrefour or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page At the same time, the Group gives priority to local supply chains, So 75% of all its food products are from local suppliers in the countries(Carrefour,2013). 1. 2 Definition The competitiveness of enterprises is a competitive ability that an enterprise can be more efficient than other firms in providing products and services, and obtain profit and its development (Man, T. W. , Lau, T. , Chan, K. F. ,2002). The marketing mix of 4P strategy plays a very important role in the competitiveness of enterprises. 4P strategy has four elements. The first element is price that can be defined as the monetary amount a buyer pays for a good or service and the revenue expectation from a sale(Anderson, C. H. , Vincze, J. W. ,2004). The second element is place, which is concerned with setting an efficient way of storage and handling finished products and of making them to the target market effectively(Businessdictionaries,2013). Product , the third element,means that the anything that can be offered to a market that might satisfy the need (Kotler, P. ,Brown, L. , Adam, S. , Burton, S. , Armstrong, G. ,2007). The fourth element is promotion, which is used to describe all marketing communications activities, including personal selling, sales promotion,direct marketing, trade exhibition, public relations, advertising and sponsorship(Marketingteacher,2007). 1. 3 objectives Through the analysis and comparison of Wal-Mart and Carrefour in 4P strategy, this project can obtain the strengths and weakness of competitiveness about those two retailers. 2. 4Ps of Wal-Mart and Carrefour 2. 1 The similarities and differences about price strategy 2. 1. 1 Wal-Mart’s price strategy The major price strategy of Wal-Mart is â€Å"Everyday low prices† practice that can offer low price products to customers. In order to ensure the customers get the lowest price products, Wal-Mart improve the efficiency of logistics system and control the transportation, storage and costs strictly, so that it can get cheap goods from all over the world every day. And Wal-Mart has been insisted â€Å"Everyday low prices† for a long time, which makes customers prefer to buy things here(Mujtaba, B. G. , Maxwell, S. 2011). Further, its high quality and low price products have made itself get high reputation of its company and the loyalty of customers. Because of it, Wal-Mart could cut down the cost on advertisements and promotions and also increase turnovers of products. At the same time, in order to maintain the promise of â€Å"Everyday low prices† to customers, most of its competitors’ profits has been injured by Wal-Mart’s low price strategy(Gereffi, G. , Christian, M. ,2009). 2. 1. 2 Carrefour’s price strategy Compared with the traditional retail stores, Carrefour has a lower price, average about 5 to 10 percentage points. High quality and inexpensive price in Carrefours business strategy remains unchanged all the time. In order to reduce the cost and inventory, Carrefour constantly improves the efficiency of logistics system and try their best to decrease the price, so that it can offer low price goods for consumers(Baek, J. ,2005). What’s more, Carrefour’s everyday low prices, in fact, is the integration strategy that combines low price goods and high price goods. As for the good that customer often buy, Carrefour often provide comparatively lower price than its competitors, but other goods may be higher than its competitors(Dupuis, M. , Chul Choi, S. , Larke, R. ,2006). 2. 1. 3 The similarities and differences Similarities: Wal-Mart and Carrefour are committed to provide consumers with low price goods by improving the efficiency of logistics system. Price is the most sensitive factor for consumer’s shopping choice. Low price product is more attractive for consumers than high price product. In order to improve the sales and get more marketing share, Wal-Mal and Carrefour cut down the price as much as possible. Therefore, the price competition has become the focus of retail competition. Differences: Wal-Mart, the founder of â€Å"everyday low prices†, has insisted that all the goods remain stable of low prices for a long period of time, which can reduce the volatility of consumption demand, the cost of organizing goods, and help to realize the scale of procurement. However, Carrefour’s price strategy is that not all of the goods are low price, just for some hot-sale products but other goods’ price may be higher than other retailers. Thereby, Carrefour’s price strategy has more flexibility and adaptability than Wal-Mart. 2. 2. The similarities and differences about place strategy 2. 2. 1 Wal-Mart’s place strategy 10,900 stores under 69 banners are run by Wal-Mart in 27 countries (Wal-Mart,2013). In addition to Wal-Mart stores, community stores, discount stores and other business model, Wal-Mart has shopping plaza and Sams club stores. Sams club store is a warehouse club store, whose operating characteristic is low price. Its service objects are groups, families, small shops (Graff, T. O. 1998). While Wal-Marts online retail stores began to run in February 1996 , a limited number of goods sold online. Early 2000, the online store of Wal-Mart was revised , which had 24 categories of online goods, including clothes, appliances, toys,etc. Then Wal-Mart took all possible measures to expand its network sales market. In 2008, Wal-Mart launched the e-commerce business in the highest broadband penetration countries, Latin America and Brazil. Next, Wal-Mart launched e-commerce business in China and Japan in 2010. The constant expansion of the online business to new worldwide markets made Wal-Mart gradually improve its overall sales and marketing share(Gereffi, G. , Christian, M. 2009). 2. 2. 2 Carrefour’s place strategy Carrefour has more than 9900 stores in the world now, while it still has more than 4000 chain stores in France. With a presence in more than 30 countries, it generates more than 55% of its sales outside France. Its sales accounted for about 30% of French retail enterprise(Carrefour,2013). Several business models are established by Carrefour. In addition to Carrefours stores(Carrefour),champion supermarket (Champion),there are convenience store, warehouse style shopping mall, and so on. The operation of discount store and membership rule make Carrefour retail business into intensive development(Durand, C. , Wrigley, N. ,2009). With the rapid development of information technology in 2000, Carrefour worked with Sears and Oracle company, creating an electronic market, the worlds first retail† GlobalNetXchange. Later, Carrefour launched an online supermarket, called Ooshop(Carrefour,2013). 2. 2. 3The similarities and differences Similarities Carrefour and Wal-Mart both are in the chain business mode, and they have some same business models, such as, warehouse stores and discount stores. Those different business models can meet the demands of different customers. Meanwhile, Wal-Mart and Carrefour all developed the online grocery that can supply customers with various goods the same with real stores. So, they combine retail and e-commerce business to meet the consumers’ demands. Differences Wal-Mart and Carrefour’s business models have its own characteristics. For example, Wal-Mart has shopping plaza and Sams club stores, but Carrefour has Carrefour stores (Carrefour), champion supermarket (Champion). Their business model can reflect their own culture and history. Like â€Å"Sam’s club stores†,Sam is the name of Wal-Mart’s founderSam Walton,which allows Wal-Mart’s customers and employees to remember the great leader and it also belongs to a part of enterprise culture. 2. 3 The similarities and differences about product strategy 2. 3. 1 Wal-Mart’s product strategy The product of Wal-Mart has almost 20000 species, including food, clothing, cosmetics, appliances, toys, auto parts, and so on. It has its own brand product, which account for about 10%(Wal-Mart,2013). But not any products are allowed to be sold in Wal-Mart,because Wal-Mart will select some products that have good quality for their customers. Meanwhile, Wal-Mart lay emphasis on the quality of product. Total Quality Management is used by Wal-Mart to ensure the quality, which focuses on improving the quality of an organization’s products and services. Wal-Mart is constantly seeking the best products and the lowest price supplier from domestic and international. markets through Total Quality Management (Mujtaba, B. G. , Maxwell, S. ,2011). Therefore, Wal-Mart can provide consumers with various and high-quality products. 2. 3. 2 Carrefour’s product strategy The stores of Carrefour can satisfy all the customers’ shopping needs, such as clothing, sports equipment, auto parts, and so on. In 1976, Carrefour introduced manufacturing free concept, selling high quality and inexpensive but no brand goods, but this is a subtle challenge for people’s shopping habits. More than 75% of all Carrefour grocery products are offered by local suppliers, so Carrefour can provide its customers with local products which are from producers located close to stores. For example, 100% of all food products come from national suppliers in Turkey and Argentina’s Carrefour stores now(Carrefour,2013). What’s more, Carrefours sales have its unique side, for instance, the company launched the sale of gasoline at a low price in the parking lot (Lindgreen, A. , Palmer, R. , Vanhamme, J. ,2004). This is a kind of innovation, and it also an effective means to attract customers. It is more convenient for consumers, because consumers do not need to go to the gas station deliberately. 2. 3. 3The similarities and differences Similarities: Carrefour and Wal-Mart both can provide a variety of products that have low prices but high quality for the consumer to choose. In addition, all of them pay much attention to the development and sales of their own brand products. According to the difference of people living habits in different regions, Carrefour and Wal-Mart can provide products that can meet local consumer habits. Differences: In order to offer high quality products to customers, Wal-Mart will select the goods that have good quality before the sales. So those bad quality products cannot be sold in Wal-Mart. The selection of products can guarantee that customers get high quality products anytime in Wal-Mart. Nevertheless,various goods that have high quality or low quality can be found in Carrefour. 2. 4 The similarities and differences about promotion strategy 2. 4. 1 Wal-Mart’s promotion strategy Due to the strictly control of marketing costs, Wal-Mart also tend to be very careful in reckoning, even in some new stores opening ceremony. Therefore, the goods promotion strategy of Wal-Mart is relatively conservative. Although Wal-Mart reduces the cost and expenditure on advertising, it never be stingy on public welfare donations. A large number of long-term investment in public welfare activities greatly enhance its brand awareness and successfully created excellent brand image in consumers minds, which will eventually become the earnings and profit figures(Baek, J. ,2005).. At the same time, Wal-Mart has effectively made use of the strategy of market segmentation by partnering with National Gay and Lesbian Chamber of Commerce to cater to that group of customers, as well as employees. What it did is to correct the customers’ previous error information and position of Wal-Mart and establish a good corporate image. (Mujtaba, B. G. , Maxwell, S. ,2011). Besides,Wal-Mart attracts customers go shopping in its stores by low price but high quality products and it has also developed various ways to keep customers in their stores as long as possible, which include: exclusive concerts by various bands on Wal-Mart TV, plus in store radio and special broadcasts. The reason why Wal-Mart does this is that it believes the more time spent in its stores, the more money customers will spend (Mujtaba, B. G. , Maxwell, S. ,2011). 2. 4. 2 Carrefour’s promotion strategy Carrefour uses its best selling products for its promotion, Which not only can attract customers but also can build good image(Sunanto, S. , Tuninga, R. , Kaynak, E. , Harcar, T. , ASSOCIATION-IMDA, I. ,2009). Further, in addition to hold large-scale promotional activities at the opening ceremony and celebration occasions, Carrefour also focus on a variety of promotional methods , such as TV ads, newspaper ads and posters. Besides, Carrefour also issued a lot of direct mail advertising and promotional advertising, sending to the residents, in order to let residents know the latest promotion information and attract customers to shopping(Colla, E. , Dupuis, M. ,2000). 2. 4. 3The similarities and differences Similarities Wal-Mart and Carrefour both use their own goods for promotion. As retailer, the main purpose of customer come here is buying products. Price and quality are the main factors for the customers to buy the product. If company can make the customer know that this product in its store always have high quality and low price, customer will come to its shop automatically to buy this kind of goods, when he needs. Differences Wal-Mart is very careful in reckoning and strictly controlling the cost in its promotion. But Wal-Mart set up a responsible corporations image, through joining the community and social welfare undertakings. However, Carrefour adopts various means of publicity, such as TV ads, newspaper ads, and posters, which is a good publicity for the product and the enterprise image. 3. Conclusion

The History of the IRA essays

The History of the IRA essays Northern Ireland has been plagued by bloody and virtually ceaseless violence for the better part of the last hundred years. The conflict in Northern Ireland is a combination of religious strife between Catholics and Protestants, nationalism versus colonialism and a search for a true Irish identity that has been elusive since the colonization of Ireland in 1603. Republicans in Ireland seek a unified Ireland, one that is free from the imperialistic hands of the British crown. In hopes of achieving this goal, the Irish Republican Army has waged a violent and bloody campaign against both Protestant unionists in the North and the English themselves. From 1920 until 1998 the IRA methods of terror instilled fear in the people of Northern Ireland while the division within its population grew deeper. The Belfast Agreement of 1998 represents the most promising opportunity for a peaceful political resolution and an end to IRA violence in Northern Ireland because the recent approach towar ds peace contrasts the approaches taken in previously failed attempts. The process of politics in Northern Ireland bears the scars of long years of violence. The republicans, unionists and the British have all suffered high casualty rates from political and religiously motivated aggression. During the eighty or so years of violence there have been only two respectable attempts to establish a platform of peace that would satisfy each of the three key actors in this conflict. Each of these moves for peace crumbled because they were constructed on a weak and susceptible foundation. As Irish history demonstrates, reaching a peaceful solution will require a foundation that satisfies the needs of all those involved. Politics in Northern Ireland has never been a process. There, politics has been a zero-sum game with all the spoils going to the victors, with a huge dose of fatalism and frustration residing with the vanquished (Arthur & Jeffe...

My Sister's Keeper by Jodi Picoult Essay Example | Topics and Well Written Essays - 1000 words - 2

My Sister's Keeper by Jodi Picoult - Essay Example splays a character that is funny and thoughtful, as she is the only member in the family who seems to bring color and life to her family that has been immensely devastated by Kate’s illness. The first part of the novel reveals how Anna displayed her inquisitive nature. Unlike other kids who by and then accept the common notion that they were brought to earth because of their parents’ love for each other, Anna had asked the reason for her existence beyond the surface-level inquisition. She went on by saying that if outside creatures, such as an alien, see children in this world, they might assume that these kids were born out of a drinking spree or a mishap in the use of artificial birth control (Picoult 7). This lamentation is a no-nonsense gibberish for Anna because all her life, her existence was literally for a purpose. Her character is always inquisitive by asking, proving, and confirming the nature of her existence. With those questions, she was also able to formulate her own sensible answers. Furthermore, her inquisitive nature was also displayed many times in the book, particularly when she sought the help of Campbell Alexander, the lawyer she wished to de fend her on court. She was initially declined, but her inquisitive nature made their conversation going and eventually earned the approval of Alexander to serve as her lawyer. Anna Fitzgerald also displayed her impressive intelligence. This observation is evident when she effortlessly elaborated the cases that she thought would be related to her possible case. More importantly, her intelligence was seen in the entire book as she managed to bring to the court a family issue that has been overlooked by her parents due to their seemingly myopic view to Kate’s condition. Only Anna understood her role in the family. Her character was more of a legal fighter, and her intelligence to understand all aspects of her existence made her see things through the lenses. Anybody can rarely find such bold and

Donner party film research Movie Review Example | Topics and Well Written Essays - 1500 words

Donner party film research - Movie Review Example PatrickBreen left for US to live the life of his chosen religion which was catholic. Lansford Hastings saw US as a still undeveloped country which could be made very useful and profitable. Conversely, amajority of the people went to the US as an obvious destiny which was referred to as manifest destiny(The Donner Party). This destiny was a belief that American pilgrims were destined to develop the whole continent thus saw it as their justifiable land. This plus the idea of riches that awaited them with the discovery of gold them fuelled the desire to travel to California. George Donner and Jacob Donner were brothers who were already successful before they left for California. In fact the Donners are the mastermind of this journey and their opulence is portrayed in the type of wagons they hires for the family. They have three wagons each for their families.George Donner was motivated to travel by the gold discovery and free land in California. 2.Who was Alexis De Tocqueville? What was his reason for coming to America? Was De Tocqueville’s opening commentary in the film about the American people accurate at that time? Explain in some detail. Is De Tocqueville’s critique still relevant in American society today? Alexis De Tocqueville was a sociologist and political theorist of French origins. His reason for coming to America was to study the prisons of America. The study which led him to write his most acclaimed work ‘democracy in America’. Alexis opening commentary in the film was ‘American’s chase prosperity with great intensity until death eventually halts them in their tracks’(The Tragic Story of the Donner Party). Alexis opening commentary in the film was very accurate at the time this is because the Donner party scrambled to get to California in order to get more free lands, riches and other wealth they had heard of before. Some people even were already successful like the Donner family but their greed led them to travel and most of