Defining Money by Its Functions

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Finance and Money Question??? Why Study Money, Banking, and Financial Markets? Why Study Financial Markets? 1.Channel funds from savers to investors, thereby promoting economic efficiency 2.Affect personal wealth and behavior of business firms Why Study Banking and Financial Institutions? 1.Financial Intermediation Helps get funds from savers to investors 2.Banks and Money Supply Crucial role in creation of money 3.Financial Innovation Why Study Money and Monetary Policy? 1.Influence on business cycles, inflation, and interest rates Finance and Money 3 References  Mishkin, Frederick S. (2010), The Economics of Money, Banking and Financial Markets, 9 th Edition, Pearson  Lloyd B. Thomas (2006), Money, banking and financial markets, Thomson  Miller, Van Hoose (2007 ),Money, banking and financial markets, Thomson Finance and Money 4 Overview of the Course  An Overview of the Financial System  Money and payment system  Understanding Interest Rates  Central Banking and the Conduct of Monetary Policy  Depository Institutions: Banks and Bank Management  The foreign exchange Finance and Money 5 Chapter 1 An Overview of the Financial System . Finance and Money 7 Chapter Preview  Suppose you want to start a business to develop iPhone App, but you have no start up funds.  At the same time, Makena has money to invest for retirement.  If the two of you could get together, perhaps both of your needs can be met. But how does that happen? Finance and Money 8 Chapter Preview We study the effects of financial markets and institutions on the economy, and look at their general structure and operations. Topics include: ─ Function and Structure of Financial Markets ─ Internationalization of Financial Markets ─ Types and Functions of Financial Intermediaries ─ Regulation of the Financial System Finance and Money 9 Function of Financial Markets  Channels funds from person or business without investment opportunities (i.e., “Lender-Savers”) to one who has them (i.e., “Borrower-Spenders”)  Improves economic efficiency  People who need funds  borrowers/issuer/seller  People who have funds to give  lenders/savers/buyers Finance and Money 10 Defining Money by Its Functions Defining Money by Its Functions By: OpenStaxCollege Money for the sake of money is not an end in itself You cannot eat dollar bills or wear your bank account Ultimately, the usefulness of money rests in exchanging it for goods or services As the American writer and humorist Ambrose Bierce (1842–1914) wrote in 1911, money is a “blessing that is of no advantage to us excepting when we part with it.” Money is what people regularly use when purchasing or selling goods and services, and thus money must be widely accepted by both buyers and sellers This concept of money is intentionally flexible, because money has taken a wide variety of forms in different cultures Barter and the Double Coincidence of Wants To understand the usefulness of money, we must consider what the world would be like without money How would people exchange goods and services? Economies without money typically engage in the barter system Barter—literally trading one good or service for another—is highly inefficient for trying to coordinate the trades in a modern advanced economy In an economy without money, an exchange between two people would involve a double coincidence of wants, a situation in which two people each want some good or service that the other person can provide For example, if an accountant wants a pair of shoes, this accountant must find someone who has a pair of shoes in the correct size and who is willing to exchange the shoes for some hours of accounting services Such a trade is likely to be difficult to arrange Think about the complexity of such trades in a modern economy, with its extensive division of labor that involves thousands upon thousands of different jobs and goods Another problem with the barter system is that it does not allow us to easily enter into future contracts for the purchase of many goods and services For example, if the goods are perishable it may be difficult to exchange them for other goods in the future Imagine a farmer wanting to buy a tractor in six months using a fresh crop of strawberries Additionally, while the barter system might work adequately in small economies, it will keep these economies from growing The time that individuals would otherwise spend producing goods and services and enjoying leisure time is spent bartering 1/5 Defining Money by Its Functions Functions for Money Money solves the problems created by the barter system (We will get to its definition soon.) First, money serves as a medium of exchange, which means that money acts as an intermediary between the buyer and the seller Instead of exchanging accounting services for shoes, the accountant now exchanges accounting services for money This money is then used to buy shoes To serve as a medium of exchange, money must be very widely accepted as a method of payment in the markets for goods, labor, and financial capital Second, money must serve as a store of value In a barter system, we saw the example of the shoemaker trading shoes for accounting services But she risks having her shoes go out of style, especially if she keeps them in a warehouse for future use—their value will decrease with each season Shoes are not a good store of value Holding money is a much easier way of storing value You know that you not need to spend it immediately because it will still hold its value the next day, or the next year This function of money does not require that money is a perfect store of value In an economy with inflation, money loses some buying power each year, but it remains money Third, money serves as a unit of account, which means that it is the ruler by which other values are measured For example, an accountant may charge $100 to file your tax return That $100 can purchase two pair of shoes at $50 a pair Money acts as a common denominator, an accounting method that simplifies thinking about trade-offs Finally, another function of money is that money must serve as a standard of deferred payment This means that if money is usable today to make purchases, it must also be acceptable to make purchases today that will be paid in the future Loans and future agreements are stated in monetary terms and the standard of deferred payment is what allows us to buy goods and services today and pay in the future So money serves all of these functions— it is a medium of exchange, store of value, unit of account, and standard of deferred payment Commodity versus Fiat Money Money has taken a wide variety of forms in different cultures Gold, silver, cowrie shells, cigarettes, and even cocoa beans have been used as money Although these items are used as commodity money, they also have a value from use as something other than money Gold, for example, has been used throughout the ages as money although today it is not used as money but rather is valued for its other attributes Gold is a good conductor of electricity and is used in the electronics and aerospace industry Gold is also used in the manufacturing of energy ... 5 Lessons To Make More Money By Patric Chan Brought to you by: Eva Almeida http://www.ebooksnbytes.com 2 Dear Friend, What you are about to read might be the answer to help you to make more money in your life. To make the learning process easier and more enjoyable, I’ve presented the lessons in a form of story. You’ll find it more entertaining. If you are a quick reader, you might skip through the whole book in less than 1 hour. The story in this book is about Rick, on how he mastered the 5 lessons on how to make more money to be wealthy again. Making money is not as difficult as you think it is, if you know how to achieve it. Once you learn the methods and strategies to achieve it, all you need to do is to ‘tweak’ it for maximum results. All the best. Warmest regards, Patric Chan Infopreneur and Author of ‘How To Make More Money Easily’. http://www.makemoremoneylessons.com Email: patric@makemoremoneylessons.com My other sites: Self Improvement – http://www.esuccessmastery.com Internet Marketing – http://www.automateinternetmarketing.com 3 NOTICE: You MAY Give Away This eBook As Long As You Do Not Alter It In Any Way To Customize It, Please Join The Affiliate Program of ‘How To Make More Money Easily’ at: http://www.makemoremoneylessons.com Copyright 2004 Patric Chan ALL RIGHTS RESERVED. No part of this report may be reproduced or transmitted in any form whatsoever, electronic, or mechanical, including photocopying, recording, or by any informational storage or retrieval system without express written, dated and signed permission from the author. DISCLAIMER AND/OR LEGAL NOTICES: While every attempt has been made to verify the information provided in this report, neither the author nor his affiliates/partners assume any responsibility for errors, inaccuracies or omissions. Any slights of people or organizations are unintentional. The ebook is intended for information only. The publisher and author do not imply any results to those using this ebook, nor are they responsible for any results brought about by the usage of the information contained herein. The publisher and author disclaim any personal liability, loss, or risk incurred as a result of the use of any information or advice contained herein, either directly or indirectly. Furthermore, the publisher and author do not guarantee that the holder of this information will make profit from the information contained herein. If advice concerning legal or related matters is needed, the services of a fully qualified professional should be sought. This report is not intended for use as a source of legal or accounting advice. You should be aware of any laws which govern business transactions or other business practices in your country and state. Any reference to any person or business whether living or dead is purely coincidental. © Patric Chan - All Rights Reserved 4 Rick woke up in the middle of the night. Disturbed. Disturbed by the fact that his business partner had quit the law firm where they had been partners for over 5 straight years. His business partner, Robert Quinn, left because he couldn’t take the pressure anymore. Their firm had just filed for bankruptcy recently. Other than that, Robert was diagnosed with a heart attack. He really couldn’t take the disastrous pressure anymore. Rick understood his friend very much and he was not going to push Robert anymore. Since he couldn’t sleep, he switched on his notebook to surf the internet. He would do that whenever he couldn’t sleep. He found the glare from the computer screen would make his eyes tired and help him Published by Christian H. Godefroy (2001 Christian H. Godefroy. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written permission of the author. Manufactured in the United States of America. HOW TO USE YOUR MEMORY TO EARN MORE MONEY HOW TO USE YOUR MEMORY TO EARN MORE MONEY By Phillip Newton Page 2Contents Introduction 3 CHAPTER 1- HOW TO SAVE TIME 4 Do It Right Away! 5 How To Solve A Problem 6 Define The Problem . 6 Analyze The Problem 6 Weigh the pro’s and con’s, and then ACT! . 7 Test A . 7 Test B 7 CHAPTER 2 - HOW TO MAKE MEMORIZING NUMBERS EASY . 9 Numbers . 9 Number Series 12 How To Remember Lists 12 Numerical Order Recall 14 How To Remember Speeches . 16 Listening To Speeches . 17 Learn Things By Heart With Ease . 17 Test A . 18 Test B 18 Test C . 19 Test D . 19 Test E 20 Test F 21 CHAPTER 3 - HOW TO REMEMBER NAMES AND FACES 22 What’s His Name? . 22 What About First Names? 23 Remembering Faces . 24 No More Telephone Blunders 25 Remembering Telephone Numbers 25 Stop Forgetting Appointments! . 26 How can you always remember your 26 appointments, without even writing them down? . 26 Test A . 27 Test B 28 Test C . 28 CONCLUSION - ETERNALLY YOUNG! 29 Contents Page 3Introduction Introduction A little known - and often underestimated - fact is that most people who succeed in life possess a memory which, although not necessar- ily phenomenal, is nevertheless above average. Were they born with this ability, referred to by Plato as “one of the gifts of the gods”? For the most part, no. They developed their memory by applying some very simple techniques. This booklet will help you do the same. The benefits of improving your memory will quickly become apparent, and are likely [...]... We must start by recognizing our self-defeating behaviors and their root causes, because only once we truly get honest about our relationship with money can we overcome and www.BroadwayBooks.com Klon_9780385531016_3p_all_r1.qxp 12 10/7/09 1:56 PM Page 12 MIND OVER MONEY reverse our limiting or self-destructive financial beliefs and behaviors and develop healthier, more productive ones Overcoming the... up having no real concept of money I’ve walked around my entire life thinking, “Oh, money s no big deal, unless you’re running out, and then you panic.” The concept of making money work for you or knowing how to properly handle it that was beyond me Allison’s confusion over money persisted for years and years As an adult, she pushed herself to work hard to earn the money she needed to be independent... Klon_9780385531016_3p_all_r1.qxp 14 10/7/09 1:56 PM Page 14 MIND OVER MONEY effects of financial flashpoints on our thinking patterns and our behavior Throughout the book, we’ll be drawing on stories shared by people who’ve already done the work to resolve their own unfinished business around money, allowing them to heal, transform their lives, and feel at peace in their relationship with money regardless of ever-changing external... spiral, and that won’t help at all www.BroadwayBooks.com       To purchase a copy of  Mind over Money               visit one of these online retailers:                                           Also available as an Audiobook                                                                              Read by Brad Klontz www.BroadwayBooks.com ... uncover an underlying logic to the baffling, contradictory, often frightening, adult world And it is from these childhood interpretations of financial flashpoint events that we develop a set of beliefs about money, called money scripts, that shape the way we think about and interact with money as adults Whether or not these interpretations are accurate or rational is not the point; the source of money. .. Remember the human givens? Here’s where those innate resources come in By consciously and deliberately drawing on our empathy, imagination, emotions, and rationality—all our inborn strengths—we can not only change our relationship with money but also defeat the power money holds over us One financial planner we work with has discovered that for himself: stuart: I realized what had controlled my life... ashamed I trace much of the problem I’ve had with money as an adult to those conflicting messages about money Being totally baffled by all things financial How do you know there’s enough? What is important to spend money on, and what isn’t? What’s the reality, the beautiful building or the horrible apartment inside? I just wanted to ignore the whole issue of money growing up and then later as an adult After... education, religion, race, gender, and class) Next, we’ll explore money scripts, the assumptions or beliefs about money what it means and how it works—that each of us takes away from our financial flashpoint experiences Then we’ll talk about the unhealthy behaviors—the money disorders—that result You’ll then learn to recognize your own money scripts (and the unfinished business related to them), their... them money but always with strings attached In addition to using money to control his children, he also financially enabled them They became dependent on handouts from Dad and constricted by all the conditions that went along with them allison: From the time my mother and stepfather got married, when I was almost seven, they’ve always been what they call “behind the eight ball.” They never discussed The catalysis of the SARS 3C-like protease is under extensive regulation by its extra domain Jiahai Shi 2 and Jianxing Song 1,2 1 Department of Biochemistry, The Yong Loo Lin School of Medicine, National University of Singapore, Singapore 2 Department of Biological Sciences, Faculty of Science; National University of Singapore, Singapore A contagious human disease now called severe acute respiratory syndrome (SARS), characterized by high fever, malaise, rigor, headache, and nonproductive cough, suddenly appeared at the end of 2002 and then spread very rapidly to 29 countries [1,2]. Until 2003, 8096 probable SARS cases with 774 deaths were documented (http://www.who.int/csr/sars/en/). The outbreak of this disease not only imposed a worldwide health hazard but also caused great damage to both the regional and global economies. To combat this unprecedented challenge, intense efforts from govern- mental agencies and academic scientists all over the world have been immediately directed to identifying its causative agent and to developing effective strategies Correspondence J. Song, Department of Biological Sciences, Faculty of Science; National University of Singapore; 10 Kent Ridge Crescent, Singapore 119260 Fax: +65 6779 2486 Tel: +65 6874 1013 E-mail: bchsj@nus.edu.sg (Received 15 November 2005, revised 22 December 2005, accepted 9 January 2006) doi:10.1111/j.1742-4658.2006.05130.x The 3C-like protease of the severe acute respiratory syndrome (SARS) cor- onavirus has a C-terminal extra domain in addition to the chymotrypsin- fold adopted by piconavirus 3C proteases hosting the complete catalytic machinery. Previously we identified the extra domain to be involved in enzyme dimerization which has been considered essential for the catalytic activity. In an initial attempt to map out the extra-domain residues critical for dimerization, we have systematically generated 15 point mutations, five deletions and one triple mutation and subsequently characterized them by enzymatic assay, dynamic light scattering, CD and NMR spectroscopy. The results led to identification of four regions critical for enzyme dimeri- zation. Interestingly, Asn214Ala mutant with a significant tendency to form a monomer still retained  30% activity, indicating that the relationship between the activity and dimerization might be very complex. Very surpris- ingly, two regions (one over Ser284–Thr285–Ile286 and another around Phe291) were discovered on which Ala-mutations significantly increased the enzymatic activities. Based on this, a super-active triple-mutant STI ⁄ A with a 3.7-fold activity enhancement was thus engineered by mutating residues Ser284, Thr285 and Ile286 to Ala. The dynamic light scattering, CD and NMR characterizations indicate that the wild-type (WT) and STI ⁄ A mutant share similar structural and dimerization properties, thus implying that in addition to dimerization, the extra domain might have other mecha- nisms to regulate the catalytic machinery. We rationalized these results based on the enzyme structure and consequently observed an interesting picture: the majority of the dimerization-critical residues plus Ser284– Thr285–Ile286 and Phe291 are clustered together to form a nano-scale channel passing through the central region of the enzyme. We therefore speculate that this channel might play a role in relaying regulatory effects from the extra domain to the catalytic machinery. Abbreviations DLS, dynamic light scattering; DTT, dithiothreitol; FRET, fluorescence resonance energy transfer; GST, glutathione S-transferase; .. .Defining Money by Its Functions Functions for Money Money solves the problems created by the barter system (We will get to its definition soon.) First, money serves as a medium... stamps, and so on Review Questions What are the four functions served by money? 4/5 Defining Money by Its Functions How does the existence of money simplify the process of buying and selling? What... “History of Money. ” 3/5 Defining Money by Its Functions Key Concepts and Summary Money is what people in a society regularly use when purchasing or selling goods and services If money were not