Question

1. If you overhear Richard say "why do I work? I work for the money!" Briefly explain why Richard is probably not being literally accurate in this statement. (1 point) 2. Let's pretend that you are a nail tech in a world without money. Briefly explain why it would be tricky to obtain your wants to include a place to live, food, clothing, etc. (1 point)

Answer 1

1. Money is a means to a specific end (wants) and not an end in itself. Money paves the way to fulfil the desires/wants. When someone says that they are working for money, that would be more a reflection on methods to fulfil the needs of oneself through acceptable resource i.e. money. As such, Richard is inaccurate since the ultimate aim is to acquire what money can buy.

2. Money facilitates exchange of goods and services. It works as a commonly accepted medium wherein value of goods and services can be determined in monetary terms. In a world without money and being a nail tech, it would be difficult to calculate the value of efforts. This would result in inadequate compensation for the efforts being made. On the otherhand, producers of house, food, clothing, etc. may not evaluate the efforts of a nail tech to their own thus making exchange of goods and/or service difficult and unlikely.