PART 1:  Choose one question from below It should include at least one reference from reputable sources (peer-reviewed journal articles and/or published books).  1. You are the owner of a small sandwich shop. A buyer may offer one of several payment methods: cash, a check drawn on a bank, a credit card, or a debit card. Which of these is the least costly for you? Explain why the others are more expensive. (LO2) 2. Explain how money encourages specialization and how specialization improves everyone’s standard of living. (LO1) 3. Could the dollar still function as the unit of payment in a totally cashless society? (LO2)   4. Give four examples of ACH transactions you might make. (LO2) 5. Despite the efforts of the United States Treasury and the Secret Service, someone discovers a cheap way to counterfeit $100 bills.  What will be the impact of this discovery on the economy? (LO3) 6. Under what circumstances might money in the form of currency be the best option as a store of value (an asset that maintains its value)? (LO1) 7. Life insurance companies tend to invest in long-term assets such as loans to manufacturing firms to build factories or to real estate developers to build shopping malls and skyscrapers. Automobile insurers tend to invest in short-term assets such as Treasury bills. What accounts for these differences? (LO3) 8. Car insurance companies sell many policies. Explain how this practice minimizes their risk. (LO5) PART 2: Responding Posts Reply to at least one classmate’s post. Your response to your classmate’s discussion needs to be substantive by adding something new to the original comment. Responding Posts should include a level of depth that enriches the discussion (i.e., reflection on their response, application of their comment to the workplace, reference to the literature, etc.).  CLASSMATE’S POST (Manuel) Could the dollar still function as the unit of payment in a totally cashless society? (LO2)  I believe that we are heading into an era where cash will no longer be needed. If you think about it, monetary systems have evolved from commodity based currency, such as gold, silver and salt, for instance, in which the actual coins (or bags of salt) had intrinsic value. Then the US established the a gold standard, in which paper money could be exchanged for gold at the Federal Reserve, and finally we have come to a system that is a 100% fiduciary system, in which members of society trust that the government guaranties the validity of the US dollar, although it is not backed by gold reserves and no one can exchange money for gold at the FED anymore. It was in 1971 when President Nixon announced that the US was dropping the gold standard. So, since 1971 we have used paper money to receive our salaries and pay our bills and, more importantly, our taxes. The dollar bill per se, has no intrinsic value, it’s only worth a dollar because everyone else will accept the dollar as a form of payment. The key element here, in my opinion, is that we can all pay our taxes with dollars, we can’t pay taxes with Euros, gold, or even less, Bitcoin! So, as long as the government demands that taxes are paid in dollars, we will all have to convert our money to US dollars to pay our taxes. This is the first reason why the dollar will continue to be used in the future. Second reason why the dollar will still function as the unit of payment in a totally cashless society is that the government treasury bonds are denominated in US dollars, so savers will need to have savings in dollars to be able to purchase these bonds and, as we all have learned recently, the market for US treasuries is immense. The third reason is that the government along with the FED is the creator of the American dollar and both institutions have total control of the monetary system that is, they can create new money, and they control the interest rates on dollar denominated savings and loans in the market. If the government were to accept other forms of currency in a cashless society, it would start losing control over the monetary system, and it would diminish its power. Hence, the government has been trying to stop cryptocurrencies from becoming mainstream, so far, it would seem that is not winning that battle as digital currencies are becoming more and more popular. Other reasons may include the trust that is put on the dollar in global markets, for instance about 75% of all forex exchange includes the US dollar on one side of the transaction and the barrel of oil is quoted in dollars all over the world. It seems very difficult to forgo the dollar as the main currency to be used as a measure of account in a cashless society. Time will tell how things will turn out and I believe the market will have a strong influence as to how the new monetary systems evolves in the future. References:  Ella Lee. (2020, July 27). USA today . Retrieved from https://www.usatoday.com/: https://www.usatoday.com/story/news/factcheck/2020… Ross, S. (2021, June 18). Investopedia. Retrieved from Investopedia: https://www.investopedia.com/articles/forex-curren…

Mastering the Art of Online Learning: Your Guide to Acing Online Courses

Introduction

In recent years, the popularity of online courses has skyrocketed, offering learners the flexibility to acquire new skills and knowledge from the comfort of their homes. However, succeeding in online courses requires a different approach compared to traditional classroom settings. To help you make the most of your online learning experience, this article presents essential strategies and tips to ace your online courses.

1. Set Clear Goals and Plan Ahead

Before embarking on an online course, establish clear goals and objectives. Determine what you hope to achieve by the end of the course and break down your goals into manageable milestones. Create a study schedule that aligns with your other commitments, ensuring you allocate dedicated time for coursework, assignments, and revision.

2. Create a Productive Study Environment

Establishing a conducive study environment is crucial for online learning success. Find a quiet, well-lit space where you can concentrate without distractions. Remove any potential interruptions, such as notifications from social media or email. Organize your study materials and have a reliable internet connection to ensure seamless access to course materials.

3. Actively Engage in the Course

Active participation is key to mastering online courses. Engage with course materials, including videos, readings, and interactive components. Take comprehensive notes, highlighting key concepts and ideas. Participate in discussion boards, forums, and virtual meetings to interact with instructors and peers, fostering a sense of community and enhancing your understanding of the subject matter.

4. Manage Your Time Effectively

Online courses offer flexibility, but it’s essential to manage your time wisely to avoid falling behind. Create a detailed schedule, allocating specific time slots for coursework, assignments, and studying. Break down larger tasks into smaller, manageable segments to prevent procrastination. Prioritize tasks based on deadlines and dedicate focused time to each one, ensuring consistent progress throughout the course.

5. Develop Effective Communication Skills

Online courses often rely on written communication, making it crucial to hone your skills in this area. Be concise and clear in your written responses, paying attention to grammar and spelling. Actively participate in discussions, asking thoughtful questions and providing constructive feedback to your peers. Regularly check your course emails and notifications, ensuring you stay updated with any important announcements or changes.

6. Utilize Available Resources

Take full advantage of the resources provided by your online course platform and instructors. Familiarize yourself with the learning management system (LMS) and explore its features. Access supplementary materials, such as textbooks, lecture slides, and external resources recommended by instructors. Utilize online libraries, research databases, and tutorial services to deepen your understanding of the subject matter.

7. Stay Motivated and Engaged

Maintaining motivation throughout an online course can be challenging, particularly when faced with competing priorities or a lack of face-to-face interaction. Set short-term goals and reward yourself upon their completion. Connect with fellow learners through virtual study groups or online forums to foster a sense of camaraderie. Regularly remind yourself of the benefits and personal growth associated with completing the course successfully.

8. Seek Support and Clarification

Don’t hesitate to seek support or clarification when needed. Reach out to your instructors for guidance or clarification on course material. Utilize online discussion forums to ask questions or engage in collaborative problem-solving. Leverage the support services provided by your course platform or institution, such as technical support or academic advising.

Conclusion

Online courses present unique opportunities for self-paced learning and personal growth. By setting clear goals, creating a productive study environment, actively engaging with course materials, and managing your time effectively, you can maximize your chances of acing online courses. Remember to stay motivated, seek support when needed, and make the most of the available resources. Embrace the flexibility and adaptability of online learning to achieve your educational goals.