Economics is a Major Driver of Peoples Behavior Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Economics is a Major Driver of Peoples Behavior Essay
Economics, Major, Driver, Peoples, Behavior, Essay
If economics drives most of our behavior, what role does money/liquidity AKA finance plays in the Economy, hence our behavior?
What role does money play in creating economic value?
- Student 1: Economics drives our behavior by allowing us to be able to buy the things that we want. This availability of ready money, or liquidity, allows people to buy items at certain prices meaning that more people are able to afford more goods and services at normal costs.
- However, there are positives and negatives that come with economics and liquidity. One positive is that with more money available in the economy people are able to spend more on items they need. One negative is that with more money in circulation, this causes inflation meaning that when prices rise fewer goods are able to be bought thus making fewer goods able to be purchased.
- Another positive with money is that there is a set value on currencies around the world meaning that there is no bartering system thus allowing all countries to be able to make transactions with each other. A negative that comes along with this is that we are placing value on pieces of paper and metal that would otherwise have no value. This causes greed within countries and creates shortages of paper and metals used to make currencies.
- With shortages of paper comes environmental factors such as shortages of trees which creates a problem world wide. Another positive that comes with liquidity is that people are always able to take paper money out of their bank accounts as long as they have funds within those accounts.
- This is a big difference compared to the Great Depression when almost all of the Banks were not able to give people their money back that they deposited. Thus without money, people would not be able to get the goods or services they want and there would be no set value on money to do international business.
Money plays a big role in creating economic value all around the world. Money creates economic value because we give the dollar the power to buy goods. This pattern goes back many hundreds of years which is prevalent in the way Native Americans used seashells as money to buy goods as well as how early settlers used the bartering system to exchange their goods for other items that they wanted.
Money around the world allows people to buy things that they want even in other countries with equivalent currencies. The specific definition of economic value is that it is a measure of the benefit provided by the good or service to an economic agent.
This means that someone weighs the positives and negatives of a job before they commit to it such as someone being offered extra money working a night shift. This person would only commit to the job if they thought the amount of work was doable for the extra amount of money. This example shows that people are willing to do goods and services for specific economic value. Thus money plays a huge role in creating economic value.
- Liquidity is important as banks allow the consumers to deposit funds that could be withdrawn when a case is needed. Having cash ready at all times allows an easier flow of money and a quite good system that helps our capitalistic society.
- Due to liquidity, there is a set value on the currency allowing a good system of allowing easier transactions with the global economy. In the other hand, there are definitely pros and cons to liquidity. A con is that when a lot of money is in circulation in our economy, inflation can happen causing a disruption in prices.
- Definitely, behavior comes into play when good or bad actions come upon liquidity. Money is important as it has a set value given by society and the liquidity of it.
- Money plays a huge and an important role in creating economic value as it brings the power to buy goods and services. Before being on a system of bartering, money has made it more easier and convenient, of course, given set rules and restrictions, it has created a better system in which people can gain goods and services.
- In other words, money is a value in which it is stored meaning that wealth can be held and used to acts of deferred payments, globally. Money as well is distinguished from other goods by how it serves as a medium of exchange. In simple terms, money has value in the economy which creates economic value in our capitalistic society.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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