Properties and Functions of Money

Money is an important feature of virtually every economy. Without money, members of a society must rely on the barter system, or some other exchange program, in order to trade goods and services. Unfortunately, the barter system has an important downside in that it requires a double coincidence of wants. In other words, the two parties engaged in a trade must both want what the other is offering. This feature makes the barter system highly inefficient. For example, a plumber looking to feed his family would have to search out a farmer who needs plumbing work done on his house or farm. If such a farmer were not available, the plumber would have to figure out how to trade his services for something that the farmer wanted so that the farmer would be willing to sell food to the plumber. Luckily, money largely solves this problem. What Is Money? In order to understand much of macroeconomics, its crucial to have a clear definition of what money is. In general, people tend to use the term money as a synonym for wealth (e.g. Warren Buffett has a lot of money), but economists are quick to clarify that the two terms are not, in fact, synonymous. In economics, the term money is used specifically to refer to currency, which is, in most cases, not an individuals only source of wealth or assets. In most economies, this currency is in the form of paper bills and metal coins that the government has created, but technically anything can serve as money as long as it possesses three important properties. The Properties and Functions of Money The item serves as a medium of exchange. In order for an item to be considered money, it must be widely accepted as payment for goods and services. In this way, money creates efficiency because it eliminates uncertainty regarding what is going to be accepted as payment by various businesses.The item serves as a unit of account. In order for an item to be considered money, it must be the unit that prices, bank balances, etc. are reported in. Having a consistent unit of account creates efficiency since it would be pretty confusing to have the price of bread quoted as a number of fish, the price of fish quoted in terms of t-shirts, and so on.The item serves as a store of value. In order for an item to be considered money, it has to (to a reasonable degree) hold its purchasing power over time. This feature of money adds to efficiency because it gives producers and consumers flexibility in the timing of purchases and sales, eliminating the need to immediately trade ones income for goods a nd services. As these properties suggest, money was introduced to societies as a means of making economic transactions simpler and more efficient, and it mostly succeeds in that regard. In some situations, items other than officially designated currency have been used as money in various economies. For example, it used to be somewhat common in countries with unstable governments (and also in prisons) to use cigarettes as money, even though there was no official decree that cigarettes served that function. Instead, they became widely accepted as payment for goods and services and prices began to be quoted in the number of cigarettes rather than in official currency. Because cigarettes have a reasonably long shelf life, they do in fact serve the three functions of money. One important distinction between items that are officially designated as money by a government and items that become money by convention or popular decree is that governments will often pass laws stating what citizens can and cannot do with money. For example, it is illegal in the United States to do anything to money that makes the money unable to be further used as money. In contrast, there are no laws against burning cigarettes, aside from those banning smoking in public places of course.

Profile of Serial Killer Richard Angelo

Richard Angelo was 26 years old when he went to work at Good Samaritan Hospital on Long Island in New York. He had a background of doing good things for people as a former Eagle Scout and volunteer fireman. He also had an out-of-control desire to be recognized as a hero. Background and Early Life Born on August 29, 1962, in West Islip, New York, Richard Angelo was the only child of  Joseph and Alice Angelo. The Angelos worked in  the educational sector - Joseph was a high school guidance counselor and Alice taught home economics. Richards childhood years were unremarkable. Neighbors described him as a nice boy with nice parents. After graduating in 1980 from St. John the Baptist Catholic High School, Angelo attended the State University of Stony Brook for two years. He was then accepted into a two-year nursing program at the State University at Farmingdale. Described as a quiet student who kept to himself, Angelo excelled in his studies and made the deans honor list each semester. He graduated in good standing in 1985. First Hospital Job Angelos first job as a registered nurse was in the burn unit at the Nassau County Medical Center in East Meadow. He stayed there a year, then took a position at Brunswick Hospital in Amityville, Long Island. He left that position to move to Florida with his parents, but returned to Long Island alone, three months later, and began working at Good Samaritan Hospital. Playing Hero Richard Angelo quickly established himself as a highly competent and well-trained nurse. His calm demeanor was well fitted for the high stress of working the graveyard shift in an intensive care unit. He gained the trust of the doctors and other hospital personnel, but that wasnt enough for him. Unable to achieve the level of praise he desired in life, Angelo came up with a plan where he would inject drugs into patients at the hospital, bringing them to a near-death state. He would then show his heroic capabilities by helping to save his victims, impressing the doctors, co-workers and the patients with his expertise. For many, Angelos plan fell deathly short, and several patients died before he was able to intervene and save them from his deadly injections. Working from 11 pm to 7 am put Angelo into the perfect position to continue to work on his feeling of inadequacy, so much so that during his relatively short time at the Good Samaritan, there were 37 Code-Blue emergencies during his shift. Only 12 of the 37 patients lived to talk about their near death experience. Something to Feel Better Angelo, apparently not swayed by his inability to keep his victims alive, continued injecting patients with a combination of the paralyzing drugs, Pavulon and Anectine, sometimes telling the patient that he was giving them something which would make them feel better. Soon after administering the deadly cocktail, the patients would begin to feel numb and their breathing would become constricted as did their ability to communicate to nurses and doctors. Few could survive the deadly attack. Then on October 11, 1987, Angelo came under suspicion after one of his victims, Gerolamo Kucich, managed to use the call button for assistance after receiving an injection from Angelo. One of the nurses responding to his call for help took a urine sample and had it analyzed. The test proved positive for containing the drugs, Pavulon and Anectine, neither of which had been prescribed to Kucich. The following day Angelos locker and home were searched and police found vials of both drugs and Angelo was arrested. The bodies of several of the suspected victims were exhumed and tested for the deadly drugs. The test proved positive for the drugs on ten of the dead patients. Taped Confession Angelo eventually confessed to authorities, telling them during a taped interview, I wanted to create a situation where I would cause the patient to have some respiratory distress or some problem, and through my intervention or suggested intervention or whatever, come out looking like I knew what I was doing. I had no confidence in myself. I felt very inadequate. He was charged with multiple counts of second-degree murder. Multiple Personalities? His lawyers fought to prove that Angelo suffered from dissociative identity disorder, which meant he was able to disassociate himself completely from the crimes he committed and was unable to realize the risk of what he had done to the patients. In other words, he had multiple personalities which he could move in and out of, unaware of the actions of the other personality. The lawyers fought to prove this theory by introducing polygraph exams which Angelo had passed during questioning about the murdered patients, however, the judge did not allow the polygraph evidence into the court. Sentenced to 61 Years Angelo was convicted of two counts of depraved indifference murder (second-degree murder), one count of second-degree manslaughter, one count of criminally negligent homicide and six counts of assault with respect to five of the patients and was sentenced to 61 years to life.

Bank of America Business Analysis Free Essays

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle sized market businesses and large corporations with a vast array of products and services. From multi-million dollar loans to thousands of ATM’s throughout the United States and overseas, Bank of America is among the world’s leading wealth management companies’ and is a global leader in corporate business. Bank of America Business Capital provides asset-based credit facilities of $10 million or more throughout the United States, Canada and Europe for manufacturers, wholesalers, distributors, and service businesses. We will write a custom essay sample on Bank of America Business Analysis or any similar topic only for you Order Now Bank of America is currently listed as number 5 on the Fortune Global 500 annual ranking of America’s largest corporations. However, they did not place within the top 100 of fortune 500 companies to work for in 2009 (CNN. com money magazine, 2009). Bank of America operates in more than 10 countries including regions in Europe, Asia, and Central and South America. With operations in such a wide range of selected countries Bank of America (BOA) has to deal with differing legal and cultural aspects which can relate to the amount of risk the management is willing to accept. This risk includes what is called systematic political risk. â€Å"As a rule, a country’s political processes do not treat foreign operations unfairly. If they did, few companies would hazard the investment† (Daniels et. al, p. 105, 2011). The differing market and legal systems, ranging from common law to theocratic law and a mixed system, etc could make room for trouble for BOA’s international business if the interpretation of the laws are not the same. Similarly, economic risk is the likelihood that certain events or changes in the economic status or a company or will cause drastic changes adversely affecting profits and other goals. The ability to measure and understand risk and determining which risk is acceptable is a key factor of success with any international business venture. This along with political risk will have to be managed forecasted effectively to judge the outcome of any changes to governmental, import, or export changes as they could affect the profits and or losses which could ultimately affect a company’s ability to repay a loan that was granted by BOA. Although the 2011 CFO Outlook reports that â€Å"U. S. companies overall are highly involved in foreign markets and are forecasting international sales growth in 2011† (2011 CFO Outlook), if I were a political consultant for BOA, I would highly caution them with respect to venturing into a country where they are not willing to accept our form of economic feasibility or where the GDP does not represent strength as it relates to longevity within the economy. It would be far too difficult to influence change within an entire culture just to add breadth to the organization. Furthermore, without the ability to measure and understand the end state of a cultural shift, the foreign business opportunity may be at risk of unacceptable losses especially where healthcare costs and costs of materials are concerned (2001 CFO Outlook). Bank of America is changing because its customers are changing. In the 2009 Financial Report Brian T. Moynihan, Chief Executive Officer and President of BOA said â€Å"There is nothing more important to our more than 280,000 Bank of America teammates and me than our belief that there’s a right way to do business — an approach that balances our responsibilities to all our stakeholders. This belief has guided our efforts as we’ve worked to help customers, clients and communities ride out the economic storm. † He also went on to say that the most pressing need is the overhaul of loan modifications. The pressing need for this is â€Å"to help families and businesses manage their monthly cash flow to get through the crisis. † However, BOA is making strides ahead of some of the other financial institutions. They repaid the Troubled Asset Relief Program (TARP) in December of 2009 although they reported a net loss applicable to common shareholders of $2. 2 billion (BOA 2009 Financial Report). This has proved to work fine for common law states but it would prove to be much more difficult in civil law or a mixed system and just about impossible in theocratic law system. BOA has a code of conduct or ethics as they call it as a significant part of their processes used to manage risk. They train their associates to mitigate risk and set high standards for their associates. This provides a framework for the associates to conduct themselves with the highest integrity in delivering products or services to their customers. â€Å"We instill a risk-conscious culture through communications, training, policies, procedures, and organizational roles and responsibilities. Additionally, we continue to strengthen the linkage between the associate performance management process and individual compensation to encourage associates to work toward enterprise-wide risk goals. † (Brian T. Moynihan, BOA 2009 Financial Report). This is vitally important for the company to extend these ethics to the workforce overseas as the importation and adoption of the headquarters mindset will ensure that host nation workers will also adhere to the higher standards associated with conducting business with BOA. It is just a good business practice to ensure that wherever you operate, you share the same vision that will foster success and continued best practices. Although I did not find any social programs during my research on BOA, I did notice when I was in Panama that they have Panamanian and American workers employed. I would presume to say that, just as in any working environment the management would establish some sort of informal program amongst its workers. And seeing how BOA strives with its code of ethics this could be not far from the truth as bonds are made as the people work together daily. In conclusion, BOA has done quite well for themselves and that is directly attributed to the high standard set by the corporate office and CEO Brian T. Moynihan. As one of the world banking leaders it would do them well to continue to look toward the future of expanding and exploring other joint ventures locally and internationally. They would do well to guide their investment strategy and actions by monitoring the consumer deposits, credit card services, and investment management as an indicator of the overall economic status and potential growth of their joint ventures. References http://money.cnn.com/magazines/fortune/bestcompanies/2009/full_list/index.html How to cite Bank of America Business Analysis, Essay examples

A Journy for Undying Love Essay Sample free essay sample

Love is a strong force in the Christian religion. Such a love can take a individual to demo the deathless love for person by get the better ofing any obstruction presented in forepart of them. This love will steer a individual to travel above and beyond to turn out that anything will be done for the 1 that individual loves. Love as a Christian subject in Welty’s â€Å"A Worn Path† . is shown through the love a grandma has for her grandson. God has shown in the Christian religion his deathless love for his people by giving his lone boy. In â€Å"A Worn Path† . Phoenix besides shows the same deathless love for her grandson by get the better ofing many obstructions of tests and life. Welty brings the deathless love to life by finding. ability to get the better of challenges. and charity of others. Phoenix selfless undying love for her grandson gives her the finding to get the better of some hard challenges along the manner. We will write a custom essay sample on A Journy for Undying Love Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Welty paints a image of an older black adult female that has overcome bondage. go delicate in her age. but still sets out on a journey down the worn way to recover some medical specialty for her ill grandson. The journey in itself brings many obstructions. but the finding to salvage her grandson will predominate over anything that will come into count with Phoenix. Determination plays a portion of how Phoenix pushes herself to the bound in order for the one individual in her life that she could non conceive of being without. Welty took the Christian religion of how faith in God’s love will assist a individual overcome life’s journey. In Welty’s â€Å"A Worn Path† . Phoenix’s religion will give her the strength to hold the finding of non giving up through the long walk. tests of nature. and even the judgement of her colour. The journey of life’s tests through the Christian thought is said that God will non set more on a individual than they can manage. Even through the adversities Phoenix faced. Welty used this thought to demo with finding and religion anything can be achieved. Phoenix’s ain finding to make her end was a lesson to demo how o f import it can be to neer give up. The obstructions that was brought earlier Phoenix showed that for the love of another she had the ability to get the better of those challenges. Phoenix encounters a autumn that would look to decelerate her down. but inquiring for the aid of another still did non do it look as though she would non get the better of the obstruction. Phoenix came from an epoch of racism. So. inquiring for the aid of a white huntsman likely would hold been hard if love for her grandson’s life was non the chief aim. Welty used the challenge of racism as another obstruction through the battles Phoenix would hold to get the better of. Christian religion Teachs non to take judgement on others. Even with the statements of some people. Phoenix neer let it take her head off the chief aim of acquiring the medical specialty for her grandson. After get the better ofing the obstruction class of the journey. Phoenix is still left with the challenge of acquiring the medical specialty. With Phoenix being old. black. and a adult female regard is non a giving thing. She still overcomes this obstruction with the idea of how of import her grandson and household are to her life. Get the better ofing the freeze winter conditions. the disrespectful remarks. and the journey. Phoenix successfully retrieved what she set out to recover. Love gave Phoenix the strength to get the better of what looked to be impossible. Welty set the narrative back in the season of Christmas. In Christian religion. Christmas is a clip to give to others than receive. do have others than have done. and charity. Christmas to Christian is the clip to observe the birth of the Savior. â€Å"A Worn Path† uses the clip of Christmas to demo the charity of others that was given to Phoenix. Even though Phoenix took a Ni from the huntsman after it was dropped out of his pocket. the huntsman overlooks this by sing her as a charity instance. As did the attender in the doctor’s office. Phoenix was given a Ni as an act of the Christmas giving season. Phoenix is known as a charity instance to the doctor’s office. because the physician would give the medical specialty every bit long as she would do the journey to come acquire it. Charity is a portion of the religion of a Christian. God has told to give unto others in poorness. Since Phoenix was an Afro-american in this epoch. charity was thought as a gesture. After acquiring the two Nis. Phoenix’s selfless act was shown when she bought a Christmas gift for her grandson. Phoenix showed her journey was merely for the deathless lov e she had for person other than herself. In God’s eyes. Christian beliefs are that love is the greatest. Welty took the Christian belief and showed it through a love one grandma had for her grandson. The Christian subject of love that Welty shows in â€Å"A Worn Path† . gives non merely the thought of a spiritual mentality. but leads the reader to a moral lesson of love can suppress the unthinkable. With the selfless act of the grandma. Welty showed through love the finding to digest hurting. selflessness. and challenges were simply a life lesson of how powerful religion in God did see the result of life. Welty had the ability to utilize a person’s experience and emotion and organize a fictional narrative to convey readers the importance of life. life battles. and life journeys with the deathless love of a Christian subject. Welty’s character gave the life lesson of merely how certain waies will take to adversities. but love will win through finding. The reader can see merely how anyone with love for another can get the better of any mountain or obstruction that cou ld â€Å"A Worn Path† tells a reader to look at strength of love can keep life alternatively of decease. It besides shows how the simple act of giving can convey by the significance of life. Everyone in life will take a way. Whether it be â€Å"a worn path† or â€Å"a way less taken† . one simple act of love can alter the result of what will lie in front. God took that simple act of love when his boy was sacrificed for the full universe. Phoenix in the narrative took the simple act of love besides. in order to see that life would travel on through her grandson. She showed that love for her grandson helped her accomplish the end. She used her finding to get the better of the impossible. She humbles herself to have the charity of others to give life to her grandson. Welty’s narrative in itself seemed to non merely reflect the Christian subject of love. but to give an thought of the significance of life through religion. The religion of go oning on through life’s battles to holding an deathless love. whichever manner a reader sees the moral result it is shown one thing in deepness that love is a powerful emotion. Undying love is the truth that inspires a individual to travel to the extreme of decease so that the love will maintain that individual alive.