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Its amazing how little the education system teaches us about money when it plays such a major role in every day of our lives The food we eat the electricity we pay to use hot water bills not to mention luxury goods including computers CDs and much much more Perhaps society believes that since we use money every day it is common sense for how it is used People know what they need to about money without worrying about intricate details Perhaps you dont notice the intricate details - do you understand what is meant by the strengthening of the Australian dollar What about the prices of shares Do you really know what all those bank fees and interest rates are for After one year at university I studied two basic subjects finance and economics Economics explains the simple facts of money that we take for granted and expands on that unfortunately with very little mathematical backing until second year university whereas finance explains the intricacies of banking institutions financial markets borrowing and lending funds and so on Economics starts with a model called the supply and demand model Basically this model says that if demand for a particular good or service is very high selling prices are raised If demand is very low selling prices are lowered Lets consider each case separately If demand is too low then a high price will not cover the cost of the limited demand If you can double the customers by selling at 75 of the current price there is more profit 2075 15profit Likewise if you have very high demand if you increase prices by 25 and only lose 1 of customers say you get 099125 124profit The topic of this essay is what money means to you so Im going to give you an example from finance that you can definitely use even today Interest rates affect most
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