W4 D1 Money and Its Functions.docx - Samantha C Savage ECO 203 – Principles of Macroeconomics Week 4 Discussion 1 Money and Its Functions Define money

W4 D1 Money and Its Functions.docx - Samantha C Savage ECO...

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Samantha C. Savage ECO 203 – Principles of Macroeconomics Week 4 Discussion 1 Money and Its Functions Define money and describe its functions. As our text states, “The word money means different things to different people” (Amacher & Pate, 2019, Ch. 11.1, para. 1). Often people confuse money for income or wealth when in reality, it is neither of those things. From an economist standpoint, money is usually considered items used in the market economy to make purchases (Amacher & Pate, 2019). Purchases made in the market most often are initiated through the transfer of money for goods and services. Most people know money to be dollar bills, coins, or funds they have put aside into a banking account. The function of money is known around the world as a means to trade funds for goods and services. In the beginning, money was created as a means to provide citizens an alternate to bartering goods and services. Our text references money as a medium of exchange that simplifies transactions between people allowing them to exchange money for goods and vice versa (Amacher & Pate, 2019). The point behind creating money as a medium for goods and service transactions was to minimize the cost of the transaction. Is money a root of all evil? Why or why not? In my personal opinion, this Is a ridiculous question despite it being an idiom. In no fashion can money be considered a root of all evil. From what we learned in the text this week, money is simply a medium between transactions. Chafuen (August 22, 2018) mentions
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