StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Time Is Money - Essay Example

Cite this document
Summary
From the paper "Time Is Money" it is clear that economics is primarily about making the best use of the available resources and time to maximize human satisfaction. Hence, this article legibly associates with an array of economic concepts comprising the course content…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.5% of users find it useful
Time Is Money
Read Text Preview

Extract of sample "Time Is Money"

People save money on transactions either by increasing their knowledge about the product or service they buy or by learning to do things on their own. For instance, his Musician friend has learned to repair guitars to save money on frequent guitar repairs. The writer loves food so he learned to cook. However, his musician friend rather chooses to pay for his lunch to be able to spend more time doing what he loves to do, which is music. According to the writer, people spend their scarce time and money on doing things that endow them with higher utility or provide them with relatively higher remuneration. Nobody has enough time and money to invest in learning everything. That is why people choose to pay others for the products and services they avail from them, by spending the money they earn doing things they love to do or that provide them with higher remuneration. Division of labor is the direct outcome of the scarcity of time and resources.
The given article teaches much about opportunity cost. Thereby, as per the article, if a person chooses to do the work he loves, she is not left with enough time to spend learning a variety of other things. Hence, to be able to do the things a person loves, one has to forgo doing many other things, which is the opportunity cost of choosing to do one specific thing. Hence, while procuring services, people act as the typical economic man and resort to rational thinking. They assert the objectives they intend to achieve in life and allocate their time and money in a way that harmonizes with and furthers the objectives they intend to achieve in life. For example, a musician may choose to learn to play guitar instead of learning to cook or repair cars because she loves music and it is her profession. To make the best use of their time and money, people resort to trade-offs and chose the best possible alternatives that suit their liking and pocket, while choosing a profession or acquiring skills. With the money they earn for this work, they prefer to pay people who specialize in other vocations or skills, that they don’t know and don’t have the time to or aptitude learn.

This article also teaches much about the scarcity or limited nature of means and the unlimited ends that human existence desires to achieve. Certainly given the scarcity of time and money at the disposal of an individual, one cannot invest them in learning everything. To bear with the scarcity that is the limited availability of resources like time and money, people invest these resources doing such works that accrue them maximal satisfaction and monetary returns. Then they can barter the money they earned while doing the things they love, to exchange them for goods and services that they do not know how to manufacture or do.
This article does indeed dispel the myth that economics is merely about maximizing profits. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Time is money Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1695115-time-is-money
(Time Is Money Essay Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/macro-microeconomics/1695115-time-is-money.
“Time Is Money Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/macro-microeconomics/1695115-time-is-money.
  • Cited: 0 times

CHECK THESE SAMPLES OF Time Is Money

Metaphors We Live By George Lakoff and Mark Johnson

The metaphor, Time Is Money can be interpreted in many ways.... We are often prone to use language that best conform to our mental state at that time.... While it shows the importance of time management in workplace, it can also be interpreted differently by some culture where time used for building relationship is not weighed in terms of financial gain.... But at the time, multiple meaning included within metaphors may also confuse people because of varying interpretation of the event r situation by different people....
2 Pages (500 words) Essay

Self-mutilation is Self-healing

'Silent clamoring around of human feelings and their gathering momentum over a period of time from within' leads to acts of self-cutting, self-harm and giving pain to one's own self.... This is an attempt at summarizing Max Malikow's article in Education Digest.... His is a challenging theme anent self-cutting by students in schools....
3 Pages (750 words) Essay

Intercultrual Communication in the workplace Paper

For them Time Is Money and do not like to waste much time in closing deals.... Though the Japanese agreed to the conditions set out and they took good care of their guests and spent a lot of money on them, they always managed to wriggle out of signing the contract.... In the second meeting too when certain issues were being discussed, the Japanese fell silent for a long time which the American found embarrassing and difficult to fill, ultimately they broke the silence by talking about the tourist spots of their city and the best way to get there....
2 Pages (500 words) Essay

Living a Fast-Paced Life Style

People are always in a hurry to get somewhere, and in today's fast-paced society, where Time Is Money, people are in even more of a hurry.... People are always in a hurry to get somewhere, and in today's fast paced society, where Time Is Money, people are in even more of a hurry.... For some people, working all the time is a rush, a “natural high.... The writer suggests that it is this balance that is needed, and with this balance, we can help people deal with problems arriving from being fast paced all the time....
2 Pages (500 words) Essay

The Benefits of an Effective Accounting Information System

Consequently, the first and foremost identifiable benefit of computerised AIS is a reduction in labour hours and Time Is Money to any business.... Management operating a business before the advent of computerised accounting programs knows the amount of time and paperwork involved in maintaining core-areas of business.... More importantly, as the company's accounting system now reports in real-time and not historical (monthly, quarterly, etc), management can quickly identify problem accounts and implement action, maintaining the necessary cash flow level to service on-going costs....
1 Pages (250 words) Essay

Business Models and Planning

Despite the fact that Time Is Money, the social entrepreneurs do not see it as a waste of time and money instead they budget a good chunk of their time without any pay until the enterprise sustains itself and employees.... On the other hand, the social activists and social media movements value time very much because they abide by the saying that Time Is Money and they cannot afford to waste any time in pursuing social values.... They do not just make money but empower individuals at a personal level and restore balance as well as flow to people in the world through economic, social, environmental and emotional ways....
2 Pages (500 words) Essay

Conccept waste time and time is money

If we buy into Benjamin Franklin's introduced “Time Is Money” approach, then our first priority would be productivity.... (Franklin & Franklin, 1808) The idea of "time waste" was introduced in order to Wasted Time and Time Is Money of Wasted Time and Time Is Money Today when time management is very important onecan simply assume the idea that if someone is not focusing on the productivity then he/she is just wasting time.... If we buy into Benjamin Franklin's introduced “Time Is Money” approach, then our first priority would be productivity....
1 Pages (250 words) Assignment

Who is an American

As Time Is Money.... Living life as it comes forth, Enjoying life to the fullest, Holding on to the belief, That time flies faster when having fun, And that the property they own is considered sacred, Hence work hard to amass more and more, Shopping till they drop.... That time flies faster when having fun, ... Never wasting time, ...
1 Pages (250 words) Admission/Application Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us