the importance of money in our life essay

Essay on Importance of Money

Students are often asked to write an essay on Importance of Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Money

Introduction.

Money is a crucial part of our lives. It is the medium used for exchange of goods and services, and it helps us meet our basic needs.

Significance in Daily Life

Money allows us to acquire food, shelter, and clothing. Without money, survival would be difficult.

Role in Society

Money also plays a societal role. It helps us contribute to community development through taxes.

While money is important, it’s not everything. It’s a tool for survival and contribution, but happiness and fulfillment also require love, health, and peace.

Also check:

• Speech on Importance of Money

250 Words Essay on Importance of Money

The significance of money.

Money, a medium of exchange, is a fundamental component of modern society. It is a tool that allows us to acquire goods, services, and experiences, thus playing a vital role in our lives.

Money as a Means of Exchange

Money simplifies trade, replacing the need for a direct barter system. It provides a standardized measure of value, enabling us to understand the worth of various commodities. This standardization facilitates smooth economic transactions and promotes economic efficiency.

Money and Freedom

Money also provides a certain level of freedom. It allows individuals to make choices about their lifestyle, from basic necessities to luxury items. It grants us the liberty to explore different opportunities, be it travel, education, or investment.

Money and Social Status

In many societies, money is often equated with power and status. While this perspective can lead to materialism and inequality, it also motivates individuals to strive for financial stability, fostering innovation and economic growth.

Money as a Tool, Not a Goal

However, it is crucial to remember that money is a means to an end, not an end in itself. The pursuit of money should not overshadow the importance of relationships, health, and personal fulfillment.

In conclusion, money holds significant importance in our lives. It is the cornerstone of economic activity, a catalyst for personal freedom, and a symbol of status. However, its value lies in its ability to enable us to achieve our goals, not in its mere accumulation.

500 Words Essay on Importance of Money

Money, often seen as a simple medium of exchange, plays a pivotal role in modern society. Its importance transcends mere transactions, permeating every aspect of our lives – from the economy to social structures, personal relationships, and even our sense of self-worth.

The Economic Imperative

At its most basic level, money is the lifeblood of any economy. It facilitates trade, allowing for the efficient exchange of goods and services. Without money, barter would be the only alternative – a system fraught with inefficiencies and limitations. Money, therefore, enables economic growth by allowing for specialization and the division of labor.

Money as a Social Construct

Beyond its economic function, money also plays a crucial role in society. It is a social construct that shapes and is shaped by our societal norms and values. Money can affect social dynamics, influencing relationships and power structures. It can serve as a tool for social mobility or conversely, a means of maintaining social stratification.

The Psychological Dimension

Money also has a profound psychological impact. It can influence our behavior, our motivations, and even our sense of self. Money can provide a sense of security and freedom, but it can also lead to stress and anxiety. The desire for money can motivate us to work harder and strive for success, but it can also lead to greed and materialism.

Money and Happiness

The relationship between money and happiness is a complex one. While money can provide for our basic needs and desires, research suggests that beyond a certain point, additional wealth does not lead to additional happiness. This suggests that while money is important, it is not the be-all and end-all of life.

In conclusion, the importance of money cannot be understated. It is a crucial component of our economy, a significant social construct, and a powerful psychological influence. However, it is also important to remember that money is a means to an end, not an end in itself. The pursuit of money should not overshadow the pursuit of happiness, fulfillment, and meaningful relationships. As society continues to evolve, so too will our understanding and use of money, necessitating an ongoing exploration of its role and importance in our lives.

That’s it! I hope the essay helped you.

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Importance of Money Essay - 100, 200, 500 Words

Money is a commodity accepted by general consent as a medium of economic exchange. It is the principal measure of wealth. It is any good that is widely used and accepted in transactions. Human life will have a lot of changes with the presence and absence of money. Money has become the most vital part of life.

100 Words Essay On Importance Of Money

Money is a critical factor in our lives as it helps us to meet our basic needs and desires. It provides us with a sense of security and helps us to plan for the future. Money enables us to buy food, shelter, and clothing, and to access healthcare and education. Additionally, it provides us with the means to enjoy leisure activities and to travel. Money is also important in terms of personal and professional development, as it allows individuals to invest in themselves and their careers. Furthermore, money plays a crucial role in the economy, as it is used for transactions and for saving and investing.

200 Word Essay On Importance Of Money

The status of a person in society is impacted by how much money they have. We all desire financial success either b y working hard or succeeding in business. However, only a few people seize the opportunity to realise their dream of becoming a millionaire. Money also provides a measure of economic stability, as it allows for the management of inflation and the allocation of resources. On a personal level, money helps to meet basic needs and provide a sense of security, allowing individuals to plan for the future and pursue their goals and aspirations.

Everyone needs money, no matter how wealthy they are. Knowing the value of money in our lives helps us to avoid wasting or squandering it for any reason. The only reason for all the changes and variations in life is money. From the moment we begin till the moment we go to sleep, everything that happens in between requires the use of money. However, it is important to remember that money is not everything, and that true happiness and fulfillment come from other sources such as relationships, personal growth, and contributing to the community. Money is important, but it should not be the driving force in one's life.

500 Word Essay On Importance Of Money

Creation of money.

People bartered for goods and services before money was invented. About 5000 years ago, the Mesopotamian people created the shekel. This is considered the first known form of currency. Around 650 to 600 BC, gold & silver coins were stamped and used to pay armies. From then to now, money's importance has been increasing daily.

Origin of money

The word money is derived from the Latin word "Moneta" . Moneta means coin . In the ancient world, Juno was often associated with money.

Types of Money

There are seven types of money—representative, fair, paper, commodity, coinage, digital and commercial bank money . This money is used for exchange depending on their need and requirement.

Properties of money

The different properties of money are durability, divisibility, portability, uniformity, acceptability and limited supply. Having such unique and essential properties adds value to money.

Basic Need For Money

No matter their financial situation, everyone needs money. Money is required for many things, including purchasing clothing, housing, food, and other necessities. It's imperative to satisfy these needs. Our personal and societal well-being will suffer severely if we don't have enough money to achieve it.

Uses of money

In reality, we can say there are only five main uses for money

We can use it to live.

We can give it.

We can pay taxes.

We can repay debt and

We can save or grow it.

Power Of Money

Money has significant power to rule human life. It provides people with the ability to have the freedom to do what they want, be who they want and go where they want. Life with money will have success, freedom, choice, security, happiness and many more. Without money, we would be reduced to a barter economy. For every penny we spend in life, we need to think twice about whether it is worth it. Life without money shows us what adjustment is, what scarcity or starving for food is.

Impact Of Money

Money has a significant impact on our lives, influencing various aspects such as:

Basic necessities: Money allows us to meet our basic needs such as food, shelter, clothing, and healthcare.

Security: Having a stable source of income provides financial security, allowing us to plan for the future and reducing stress.

Career and personal development: Money provides the means for individuals to invest in themselves and their careers, allowing for personal growth and professional advancement.

Lifestyle: Money affects our lifestyle and the choices we make, from the type of home we live in to the leisure activities we pursue.

Relationships: Money can influence relationships, as disagreements over financial issues are common and can cause stress and tension.

Social status: Money affects social status, as income and wealth can determine access to certain opportunities and experiences.

Mental well-being: Money has a significant impact on mental health, as financial stress and insecurity can cause anxiety and depression.

In conclusion, money affects many aspects of our lives and has the potential to greatly impact our well-being, both positively and negatively. It is important to manage money wisely and to strive for financial stability while also balancing other important aspects of life.

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Essay on Money: How money is important in our life? (1000 Words)

Money is a wonderful invention of man. It is the power that helps people in earning and spending. Its importance can be understood by knowing how it solves the problems of human beings. We should know how to spend money properly and how we can save money for future use. In this essay, we’ll talk about the importance of money.

Money is a wonderful invention of man

The value of money is based on the following functions:

• Medium of exchange – Money is a medium that facilitates the exchange of goods and services. It can be used to purchase groceries, pay your student fees or even buy concert tickets.
• Store of value – Money allows you to store purchasing power over time so that you can use it later when required. For example, if you earn $400 today but do not need all of this money in one go, you would rather keep it for later use as ordering pizza with friends next weekend or buying tickets for movies.
• Unit of account – Money provides an agreed standard for measuring how much something costs, such as $6 for breakfast sandwich from McDonalds or $800 for a new laptop computer.

When barter system was prevalent, human relations deteriorated to a great extent

When barter system was prevalent, human relations deteriorated to a great extent. The reason for this is that in a barter system there is no currency or money. Therefore, when a person has a surplus of goods and services he can exchange them with others but if his requirements are more than what he has then he faces a problem.

The existence of money paved way for good and improved living standard

The first currency that was widely used was gold and silver. Gold coins were used as a medium of exchange, while silver coins were used as a store of value. Gold and silver are extremely scarce resources, so they were chosen over other materials because their scarcity made them scarce resources with high value.

The introduction of money has made our lives easier than before. We can now purchase goods and services without having to wait for someone to give us what we need. People can also save up their money for future use when the need arises without having to worry about keeping track of everything they have spent on each item or service rendered to them.

Does money matter in life?

In order to understand how money works in our lives today, we must first know what it is and how it functions. Money is any object or record that is generally accepted in payment for goods and services; serves as a medium of exchange, unit of account, or store of value; and is generally accepted as final payment for goods (Federal Reserve Bank). Money can be categorized into three main types: commodity money (gold), representative money (fiat currency), verification system (digital currency).

Some people think that money is a very important thing in their lives because they can use it to buy what they want, but some people think that money isn’t so important. For example, some people have lots of money and they can buy anything they want with their money; however, other people don’t have much money and have no choice but to work hard every day just to earn enough for themselves and their family.

Regardless as to which side you are on, there is no denying that a person’s life experiences are often dependent on their financial situation. Money does not always guarantee happiness or security; however, having enough cash flow certainly makes daily life easier for most individuals.

Why money is important in our life?

Money is the medium of exchange. We, humans use money to buy things and services from others. Without it, we cannot live a comfortable life as we need food, clothes and shelter. If you have no money you will be miserable because all these things are very necessary for our survival in this world.

The following points will help you better understand why money is important in our lives:

• Money helps us to buy food and clothes etc., which means without enough amount of money one can’t survive properly;
• Money helps us to buy various services like transportation, medical care etc.;
• Money also helps us build our houses and other buildings such as schools or colleges;

The power of money

The power of money is beyond imagination. It can buy anything you want, but only if you have enough of it. Money can buy happiness, education and even health. It can also make us feel secure when we have a lot of it saved up in the bank or kept under our mattress! If we have enough money then no one will ever be able to hurt us because they will know that they cannot take away what is rightfully ours.

Money has many benefits; it allows us to live comfortably without worrying about where our next meal will come from or how we are going to pay for college tuition fees for our childrens’ education. With more than enough money at hand, life becomes much easier as well as enjoyable because there is nothing stopping us from doing what makes us happy such as travelling abroad or buying new clothes whenever we need them (as opposed to waiting until payday).

Some evils are also associated with money

Money can be a source of happiness and joy or it can also be a source of evil. Money is not everything and therefore, we should not put too much emphasis on it. Money has its own merits as well as demerits.

The main merit of having money is that it helps you live a comfortable life by providing you with all the resources necessary for living comfortably like food, shelter, clothing and education etcetera.

The main demerit associated with having money is that people who have more than required amount of wealth become greedy and start doing illegal activities to earn more money which later becomes their source of evil as well as discomfort in lives.

Money is a powerful tool which can be used for bringing good or bad to the society. If we use it in a right way then it will help us to improve our lives and make us more comfortable but if we misuse it then all of us are going to suffer. So, money is important in life because with this currency we can purchase things that we want and also give charity as well.

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Essay On Money: 100, 250 and 500 Words Samples

• Updated on  
• November 9, 2024

Why do you think money is important? Can we live without money? Does money have its own value? What’s the difference between hard money and digital money? When we plan on buying something, we have to pay a certain amount. Let’s say you want to buy a wristwatch worth $50. How do you compare that commodity with money? Do they have equal value? Is there any authority that states the value of money ? These and several other questions about money can make one wonder why money is given so much importance. Let’s go in-depth with an essay on money and find answers to all these questions.

Table of Contents

• 1 What is Money?
• 2 Why is Money So Important?
• 3 Essay on Money in 100 Words
• 4 Essay on Money in 250 Words
• 5.1 The Importance of Money
• 5.2 Money as a Symbol of Success
• 5.3 The Limitations of Money
• 5.4 Finding a Balance with Money
• 5.5 Conclusion

Also Read: Essay on Chandrayaan – 3

What is Money?

According to Wikipedia and Oxford Dictionary, Money is simply a medium of exchange. Some even consider money as one of the most important resources , which is used to make transactions of goods, services, or repayment of debts within a specific country or socio-economic context.

Money can have various forms, coins and banknotes in physical form, and electronic balances in bank accounts in digital forms. Money serves as a unit of account, facilitating the measurement of value in terms of prices, and as a store of value, allowing individuals to save purchasing power for future use.

Learn Why Financial Literacy is Important for Students.

Why is Money So Important?

What makes money such an important resource is its acceptance across the globe in multiple transactions and services. From serving as a medium of exchange to facilitating financial activities, the importance of money goes beyond our everyday needs. Here are several reasons stating the importance of money.

• Money serves as a convenient medium of exchange that facilitates the buying and selling of goods and services, making transactions more efficient than barter systems.
• It provides a standardized unit for measuring the value of goods, services, and assets, allowing for easier comparison and assessment of value across different items.
• Money enables individuals and businesses to store wealth and purchasing power over time, facilitating savings and investment for future needs and goals.
• A stable and reliable monetary system encourages investment, trade, and economic growth, fostering overall prosperity within an economy.
• By using money, individuals and businesses can avoid the high transaction costs associated with bartering and the inefficiencies of non-monetary exchange systems.
• The use of money encourages specialization in the production of goods and services, leading to increased productivity and efficiency within an economy.
• Money is essential for the functioning of financial markets, banking systems, and investment activities, which are crucial for the allocation of resources and capital within an economy.

Also Read: Essay on National Unity Day 

Essay on Money in 100 Words

El dinero or money is used as a medium of exchange, unit of account, and store of value. It facilitates trade, allowing for the smooth exchange of goods and services, while also enabling efficient allocation of resources and encouraging economic growth. As a unit of account, it provides a standardized measure of value, simplifying the comparison of different goods and assets. 

Moreover, money acts as a store of value, allowing individuals to save and plan for the future. Its role in reducing transaction costs, enabling specialization, and supporting complex financial activities highlights its significance in the functioning of contemporary economies.

Money is a vital tool that influences our lives. When managed wisely, it can provide comfort, security and opportunities. However, recognizing that true happiness often comes from relationships and personal fulfilment. It extends beyond materialism and focuses on different aspects of daily life.

Essay on Money in 250 Words

Modern economics is heavily dependent on money or we can say that money is the pillar of modern economies. As a medium of exchange, it simplifies trade by providing a universally accepted method of payment for goods and services, eliminating the inefficiencies and limitations of barter systems. Its characteristic fosters the development of complex market systems, encouraging specialization and the efficient allocation of resources.

Apart from being a medium of exchange, money functions as a unit of account, providing a standardized measure of value that enables individuals to compare prices and evaluate the worth of different goods and services. This uniformity in valuation streamlines commercial activities and allows for effective planning and decision-making in both personal and business contexts.

Money serves as a store of value, allowing individuals to save and accumulate wealth over time. This feature empowers people to prepare for future expenses, emergencies, or long-term goals, providing a sense of security and stability in an uncertain world.

In addition to its role in daily transactions , money fuels economic growth by facilitating investment, entrepreneurship, and innovation. Financial institutions utilize money as a tool to allocate capital efficiently, enabling the development of new businesses, industries, and technologies that contribute to overall economic prosperity.

Money plays multiple roles in our lives; it is a physical or digital representation of currency; it is a fundamental pillar of modern economies, underpinning the intricate web of commercial activities, financial systems, and societal well-being. Its importance lies not only in its tangible properties but also in the complex functions and structures it supports within the global economic framework.

Essay on Money in 500 Words

Money is a key part of modern life and acts as a universal medium of transaction. It enables people to obtain things, access services, and enhance their standard of living. Money has the capacity to meet our basic requirements such as food, housing, and clothing while also allowing us to pursue our goals, desires, and luxuries. From individual stability to global economies, money is important to modern civilisation.

The Importance of Money

Money is a tool of convenience that enables people to easily and efficiently exchange value. Without money, society would rely solely on bartering. Money simplifies the trading process by accepting a standardised unit of exchange. This system allows people to buy essentials, further, their education, receive healthcare and even engage in social activities. The money also serves to improve the economy, business, and job creation for the benefit of the general people.

Money offers stability and security, allowing individuals to plan for the future and save for it. Having financial stability means being able to deal with emergencies, invest in opportunities, and pursue your hobbies. In conclusion, money can provide us the freedom to live our lives according to our own values. It also allows individuals to support their families, fulfill social responsibilities, and contribute to their communities.

Money as a Symbol of Success

In today’s society, money often symbolises prosperity, social position, and power. People are often viewed based on their earnings, and wealth serves as a reminder of accomplishments. People aim for greater pay in order to improve their level of living and gain respect. Money has become a source of motivation, encouraging them to work hard.

However, the way to earn money can be stressful and competitive. Many people get caught up in a never-ending drive for more money, which often comes at the expense of their health, relationships, and personal happiness. As a result, while money is vital, it is critical to acknowledge the importance of other aspects of life, such as relationships, health, and personal fulfilment.

The Limitations of Money

Despite its importance, money has its own limitations. It can buy you comfort, security, and convenience, but not happiness, health, or inner peace. Many of life’s most meaningful experiences, such as love, friendship, and personal growth, cannot be measured or purchased with money. Money can provide opportunity but cannot guarantee satisfaction. People who put their self-worth solely on financial success may find themselves unsatisfied, even if they have tangible form wealth.

Finding a Balance with Money

The key to a healthy relationship is finding balance. While earning and saving money, avoid becoming attached to wealth. When managed effectively, money may create stability for people and have a good impact on their life. Using wealth to bring about change in society can also provide a strong sense of purpose.

In conclusion, money is a valuable tool that allows people to live comfortably and achieve their goals. While it provides security and ease, it should not determine one’s happiness.

When used properly, it can improve our lives. A balanced approach to money contributes to a life that is not only successful, but also full of joy, purpose, and fulfilment.

Money is globally accepted as a medium of exchange in multiple transactions and services. From serving as a medium of exchange to facilitating financial activities, the importance of money goes beyond our everyday needs. To buy goods or services, you are required to pay a certain amount, which is fulfilled by paying money. 

To write an essay on money, you need to highlight the key aspects of this essential resource. The multiple transactions in which money is used in our day-to-day lives make money an important part of our lives. Give examples of how money can change our lives and what would happen if we were out of money. Highlight the latest trends in the financial sector and what governments are doing to save our money from inflation. 

Here are the 5 strongest currencies in the world: Kuwait Dinar (KWD), Bahraini Dinar (BHD), Omani Rial (OMR), Jordanian Dinar (JOD), and Gibraltar Pound (GIP).

Money is an essential component of our life, serving as a medium of transaction. It simplifies trade while also fulfilling our needs and desires. It enables us to purchase items, access services, and save for the future. Aside from its practical uses, money is a symbol of stability and opportunity. It enables individuals to attain their goals and improve their quality of life. While money is necessary for daily life, it is crucial to realise that true happiness goes beyond a materialistic mindset. Maintaining a financial balance can lead to a more fulfilling life.

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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Home — Essay Samples — Economics — Money — Why Money is Important: Beyond the Obvious

Why Money is Important: Beyond The Obvious

• Categories: Money

About this sample

Words: 551 |

Published: Sep 12, 2023

Words: 551 | Page: 1 | 3 min read

Table of contents

1. economic security and basic needs, 2. education and personal growth, 3. career advancement, 4. entrepreneurship and innovation, 5. health and well-being, 6. philanthropy and social impact, 7. leisure and quality of life, 8. financial independence and retirement.

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Money is important in most people’s lives. Although some people think it is more important than others. What do you feel are the right uses of money? What other factors are important for a good life? Give reasons for your answer and include any relevant examples from your experience.

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To get an excellent score in the IELTS Task 2 writing section, one of the easiest and most effective tips is structuring your writing in the most solid format. A great argument essay structure may be divided to four paragraphs, in which comprises of four sentences (excluding the conclusion paragraph, which comprises of three sentences).

For we to consider an essay structure a great one, it should be looking like this:

• Paragraph 1 - Introduction
• Sentence 1 - Background statement
• Sentence 2 - Detailed background statement
• Sentence 3 - Thesis
• Sentence 4 - Outline sentence
• Paragraph 2 - First supporting paragraph
• Sentence 1 - Topic sentence
• Sentence 2 - Example
• Sentence 3 - Discussion
• Sentence 4 - Conclusion
• Paragraph 3 - Second supporting paragraph
• Paragraph 4 - Conclusion
• Sentence 1 - Summary
• Sentence 2 - Restatement of thesis
• Sentence 3 - Prediction or recommendation

Our recommended essay structure above comprises of fifteen (15) sentences, which will make your essay approximately 250 to 275 words.

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With the growing population of cities, more and more people live in homes that have little or no outdoor area. Is this a positive or negative development? Give reasons for your answer and include any relevant examples from your knowledge or experience.

The plans below show the ground floor of a library in 2001 and how it was redeveloped in 2009.summarise the information by selecting and reporting the main features, and make comparisons where relevant., for many people the reason they work hard is to earn money. to what extent do you agree or disagree, some people feel that learning a foreign languageis an essential component of a child's education. others feel that learning a foreign language is often a waste of time that can be better spent on learning technologyand other vocational subjects., some people think that competition at work, at school and in daily life is a good thing. others believe that we should try to cooperate more, rather than competing against each other. discuss both these views and give your own opinion..