The History of Money

It’s now the end of the month and most of us are left with little to no money (= broke) . This is because our paychecks usually arrive in the beginning of the month when we are loaded (= have a lot of money), but by the end of the month, we are penniless!

Our societies rely (= depend) on exchanging products (= give something and take something in return). For example: food for clothes or even a service like a haircut for soap! We do this with the help of money. But when did we start using money?

With the rise of early civilizations, humans had to think of a way to make this exchanging process easier. We needed to use something as a medium of trade for goods and services. Thus, came the invention of money! It took some time for paper money to emerge, as early humans used shell money, gold, salt and other commodities for exchanging goods.

Now, let’s watch a video on how gold was used a medium of exchange and how paper money emerged.

How did the history of money begin? Watch this video to find out:

The History of Paper Money:
https://www.youtube.com/watch?v=rPHTmGjoe2k

We will also understand how this system might be abused (= misused).

We hope you enjoyed learning a little about this day in history!

The Invention of Money and Currency:
https://www.youtube.com/watch?v=FuHQhGqZvY0

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Will Robots Take Our Jobs in the Future?

Machines are used to help us with our daily tasks.

They were used in the textile industry when there was a shortage of manpower (= number of people working). Machines helped us mass produce (= produce in large quantities/numbers) goods. Nowadays, we rely more and more on machines and robots to get through the day. However, some people are concerned (=worried) that they might lose their jobs since the development of artificial intelligence [A.I.] is taking over many positions worldwide!

For example, vending machines are used to buy things without the need for a cashier. This saves a lot of time for people but it also means that there are less jobs out there for people.

Now, some fast food chains like McDonald’s are using robots or e-kiosks as cashiers! This raised the debate (= a discussion in which there are different opinions) on whether robots would take most of our jobs in the future.

You may watch this video to see for yourself – McDonald’s Automated touch-screen cashier in New York City:

https://www.youtube.com/watch?v=aZqn2s9hzv0

There is also news about self-driving cars being tested and soon we might have trains, busses, cars without drivers on our roads and railways!

If this becomes real, a lot of people will lose their jobs; drivers, cashiers, factory workers… etc. Because of this, there is a call for a basic universal income. It means every citizen would get paid even if they are not working. However, this could lead to inflation (= an increase in the price of products).

Here is an interesting video about Automated Economy Explained: Mechanics of a Basic Income:

https://www.youtube.com/watch?v=OEkT14RBzDI

This piece covers these topics:

Introducing The Human Touch: Positive Language

With an increasing number of automated systems in our daily lives (automated receptionist answering our calls to the bank, e-kiosks/automated cashiers at McDonald’s, vending machines, etc.), how can businesses that still hire real people ensure our customers have access to the “human touch” in our transactions?

One method is to practice using positive language when delivering customer service – this differentiates the customer experience between a human and a robot. It is extremely important that all employees who handle the frontline in sales, marketing and customer service use as much positive language as possible when communicating with clients.

Positive customer service language always focuses on actions that can be done rather than what cannot be achieved.

Refer to the chart below for some of the differences between negative (on the left) and positive language (on the right).

Did you know?

  • *Satisfied customers tell 4 to 5 others
  • *Dissatisfied customers tell 9 to 12 others
  • *Only 4% of dissatisfied customers complain. If you respond within 24 to 48 hours,
    82–95% of them will do business with you again
  • [*The above statistics were taken from: https://www.trainingfolks.com/blog/customerservice-training-training-consultants]

    It has been shown that positivity in our choice of words have an excellent impact on enhancing customer experience. You can practice making this a habit by using positive phrases even between colleagues and your superiors, not just with customers.

    So start using positive language today to add the human touch back into our daily lives!

    Until next time, wishing you positive energies throughout your week!