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The right that we gained was through the eyes of Capitalism. Why do professional athletes make more money that the average American worker? If you look at morals today in our society, we measure the roles of people. Even though we know that, the need of a teacher is great for the education of our children and us. There is a greater desire to be entertained by sports events or some other form of entertainment. Many people spend much of their money on their priorities in life. Only after they pay for the essentials things can they spend the leftover income on less important things like entertainment, eating out, and the like. (Anderson, 2000) For example, the average salary of a teacher is around $40,000 to $50,000 a year. A professional athlete makes on average according to the article “on average, they can earn from $2 million to $20 million per year. Moreover, some of them may not have ever graduated from college. The majority of them are also not responsible for anyone else, except maybe their agents”. (DeBlieux 2010) So the true question is why do we support the athlete more than a teacher or doctor? Doctors put many lives in their hands day by day. Teachers teach the student for them to learn and make a better of
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How does money affect our economy? Money is any item that is generally acceptable to sellers in exchange for goods and services (McConnell, 2000, p. G-17) Money is a utility used in several ways. First, money is a Medium of Exchange. Each day we exchange money for some form of good or service. Our economic growth stimulates from the exchange of money. When money is exchanged, bartering is eliminated. Money is a social invention with which resource suppliers and producers can be paid and that can be used to buy any of the full range of items available in the marketplace. (McConnell, p. 630) Second, money is a Unit of account. Monetary units (Money) measure the worth of goods, services and resources. According to McConnell, “the prices of each item need to be stated only in terms of monetary unit. Money aids rational decision making by enabling buyers and sellers to easily compare the prices of various goods, services, and resources. (McConnell, p.630) For example, looking for a new TV, consumers use rational decision making to get the best deal. They compare prices from competing markets and make the final purchase based off that decision. Finally, money is a Store of Value. Consumers can transfer the purchasing power from present to future. Consumers store their wealth in a variety of different assets like stocks, real estate, and bonds. The uses of checking accounts, investments accounts are also a safe way to store your liquid money. Liquidity is define as an asset that can be converted quickly into the most widely accepted and easily spent form of money, cash, with little or no loss of purchasing power (McConnell, p. 630) As consumers we utilize the banking system to store liquid asset. Banks according to Murphy serves two basic purposes. First, they are warehouses; rather than keeping stockpiles of money (whether gold or paper currency) lying around the house, most people prefer the security of a bank vault. The second, banks act
How does money affect our economy? Money is any item that is generally acceptable to sellers in exchange for goods and services (McConnell, 2000, p. G-17) Money is a utility used in several ways. First, money is a Medium of Exchange. Each day we exchange money for some form of good or service. Our economic growth stimulates from the exchange of money. When money is exchanged, bartering is eliminated. Money is a social invention with which resource suppliers and producers can be paid and that can be used to buy any of the full range of items available in the marketplace. (McConnell, p. 630) Second, money is a Unit of account. Monetary units (Money) measure the worth of goods, services and resources. According to McConnell, “the prices of each item need to be stated only in terms of monetary unit. Money aids rational decision making by enabling buyers and sellers to easily compare the prices of various goods, services, and resources. (McConnell, p.630) For example, looking for a new TV, consumers use rational decision making to get the best deal. They compare prices from competing markets and make the final purchase based off that decision. Finally, money is a Store of Value. Consumers can transfer the purchasing power from present to future. Consumers store their wealth in a variety of different assets like stocks, real estate, and bonds. The uses of checking accounts, investments accounts are also a safe way to store your liquid money. Liquidity is define as an asset that can be converted quickly into the most widely accepted and easily spent form of money, cash, with little or no loss of purchasing power (McConnell, p. 630) As consumers we utilize the banking system to store liquid asset. Banks according to Murphy serves two basic purposes. First, they are warehouses; rather than keeping stockpiles of money (whether gold or paper currency) lying around the house, most people prefer the security of a bank vault. The second, banks act