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These people could not live properly because they could not afford any of it. These illustrate a contrasting example of people who earn wages and who do not. Wages are a hugely significant matter for one to maintain certain quality of life.
It makes possible division of labor, specialization and conversion of one type of good or service into any other type. Money, according to economists, is a medium of exchange, store of value, unit of account.
In fact, without money, every transaction would require me to find producers who would exchange their goods and services for bassoon performances. In a money-based economy, I can sell my services as a bassoon player in an orchestra to those who are willing to pay for orchestra concerts with herpes on lip money.
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But these terms merely describe its major functions without really explaining what money is. Even in a smaller scale in business, wages and salaries are important matters when it comes to human. The wages are the proof of peoples effort and devotion to the work they do.
- In the 2013 UBS survey, 10% of investors said their idea of wealth was “ensuring a comfortable lifestyle” – not just for themselves, but also for future generations of their family.
- If you pick any 10 people at random off the street and ask them all whether they’d like to be rich, chances are all 10 will say yes.
- Instead of the glamorous life of a Trump, they aspire to the comfortable lifestyle of a Buffett, with simple pleasures like TV sports and homemade meals.
They eat nutritious food which helps sustain body health and use cars to transport them to wherever they want to go. On the other hand, people who do not have a job and earn nothing often have hard times sustaining their life. They also do not have a permanent shelter where they could rest on.
Then, I can take the money I earn and pay for a variety of goods and services. As language promotes exchange of ideas, information and intentions, money facilitates the exchange between human beings of goods, services and other things of perceived value. Exchange is the social and economic basis for the evolution of society. Without exchange, each human being must rely solely on his own energies to produce all that he desires or on his capacity to take by force that which is possessed by others.
In other words, I would need to find a mechanic who would be willing to exchange car repairs for a private bassoon concert by 9 AM tomorrow so I can drive to my next orchestra rehearsal. In an economy where people have very specialized skills, this kind of exchange would take an incredible amount of time and effort; in fact, it might be nearly impossible. Money reduces the cost of this transaction because, while it might be very difficult to find a mechanic who would exchange car repairs for bassoon concerts, it is not hard to find one who would exchange car repairs for money.
There are huge differences between people who work and earn wages and people who do not. People who can earn their livings mostly live a life filled with what they want to have.
The wages vary from one to another depending on the kind of job people do and the position they occupy in the company. People use the earnings they get from their work in many ways. They buy the necessary things that they need to sustain their living such as home, food, and car. As mentioned in the earlier paragraph, these wages are also used to attain high quality of education.