Money is a medium of exchange that is used to buy and value goods and services in the market. It comes in the form of coins or paper/bank notes.
Nowadays money has evolved into plastic money whereby we have debit and credit cards that are issued by banking institutions. Money is used to carry out transactions. To others, money is power.
Advantages of money
It is a means of carrying out transactions. In the current world, money is used to buy goods and services. You pay for what you buy or get using money.
It is a source of motivation. Many of us work so that we can earn money. It makes people work hard in their day to day lives so that they can put food on the table by the end of the day.
It helps to estimate the value of something. It is with the help of money that we know how much something is worth. We are able to give a price tag to something as well as knowing how much we are worth.
It gives a sense of security. Since you need money to buy goods and services, when you have it you feel secure about your future and that of your children.
Plastic money is easy to carry. With a debit or credit card, you do not have to carry notes and coins. This makes it safe. You pay for goods and services using a card which is convenient.
Disadvantages of money.
The rise of social classes. The world has been segregated into the rich and the poor. There is a very big gap between the two which plays a big role in the economy of the world.
Money has become the source of everything. Money has become the center of everything. The rich and powerful end up oppressing the poor just because they don’t have money.
Increased standards of living. The flow of money determines the economy. In the current world, the standards of living have gone up due to the poor flow of money.
It is very true to say that money runs the world. It is because of money that there are goods and services to be offered. Money is a source of security for the future, but in that case, the gap between the rich and the poor should be eliminated for a better world economy.