This is any item or record that is usually accepted as a payment of goods and services. Money is usually divided into various currencies. Each country has their currency, and it has its value. The value of money varies from country to country. We use money every day to meet our daily needs. It is essential in our lives as human beings. Money has occupied a unique position in the modern capitalist economy and money has various uses and advantages.
In the past, it was a struggle to exchange in the market. People used to trade goods with goods. With that, there are those who would go at a loss at times. But with the invention of money, it became possible to measure the value of the commodities that we all have. In other words, money is a medium of exchange. It is used in the trade market, and it brought about fairness in the market.
Money also enables one to save. Looking at the past, it was difficult to keep really, but with the modern money, one can save. When one gets paid or engages in business, they can save a portion of it and later use it.
It also facilitates piti specialization which then leads to high productivity and efficiency. In the market when there is no specialization it then leads to great loss. But when there is specialization people get to know what they are supposed to do in a certain institution. This is where in an office everyone has his or her roles. These roles are what we call specialization. One has to undertake their roles seriously because they know that at the end there is a payment that comes and it comes regarding money. With all this, we get to know how people corporate in an organization put all their effort because they know the final pay back is money.
It is also essential to note that money helps in the reviving the economy from depression. From time to time the economy in the country goes down unexpectedly. This can only be boosted back into its position using the money; the government could take loans from various places to be able to regulate the economy back into position. Money can also be employed in the development of the economy so that at the end it could bring benefits to the government and the nation. Know about compound interest formula here!
All this states the importance of money in our lives and in our every day uses. Check out this website at http://www.ehow.com/how-does_4565081_a-mortgage-work.html for more facts about mortgage.