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'''Money''' is defined as something which serves as a means of exchange, a store of value, and a unit of account and represents only an extremely small fraction of the real wealth of any given society or [[country]] where it is used.  

'''Money''' is defined as something which serves as a means of exchange, a store of value, and a unit of account and represents only an extremely small fraction of the real wealth of any given society or [[country]] where it is used.  

Money fundamentally represents a quanity of labor. [[Adam Smith]], writing in 1776, said "a quantity of labor is difficult for many people to understand," however anyone who has ever drawn a paycheck in the 21st century and examined the number of hours worked should have no problem grasping the concept. [[Aristotle]] said money represents how many shoes a shoe cobbler must make to equal the labor of the carpenter who built his house.<ref>All prices are ratios, for example 1 gal. of gasoline = $2.89, expressed as 1:2.89.</ref> Money is a fiction used to express the exchange of equal quantities of labor.

Money fundamentally represents a quanity of labor. [[Adam Smith]], writing in 1776, said "a quantity of labor is difficult for many people to understand," however anyone who has ever examined the number of hours on a paystub in the 21st century should have no problem grasping the concept. [[Aristotle]] said money represents how many shoes a shoe cobbler must make to equal the labor of the carpenter who built his house.<ref>All prices are ratios, for example 1 gal. of gasoline that selles for $2.89, expressed as 1:2.89, or wage rate of $15 ''per'' hour would be 15:1.</ref> Money is a fiction used to express the exchange of equal quantities of labor.

A failure to understand what money is results in the success of [[socialism]]. For example, Rep. [[Alexandria Ocasio-Cortez]] has proposed "free" healthcare, education, housing etc., essentially promoting the non-sensical idea that people have the right to consume goods and services that have never been produced by labor. Alternatively, to implement such an impractical system, by law, only results in one group laborers performing work for they will not be paid, and for which another group of consumers receive the payment or benefit. In short, a [[slave]] system.

A failure to understand what money is results in the success of [[socialism]]. For example, Rep. [[Alexandria Ocasio-Cortez]] has proposed "free" healthcare, education, housing etc., essentially promoting the non-sensical idea that people have the right to consume goods and services that have never been produced by labor. Alternatively, to implement such an impractical system, by law,<ref>e.g., [[USSR]], [[PRC]], [[North Korea]], [[Venezuala]], [[Cuba]], etc.</ref> only results in one group of laborers performing work for which they will not be paid, and for which another group of consumers receive the payment or benefit. In short, a [[slave]] system.

The [[currency]] which serves as money may be backed by some tangible commodity, such as the [[gold standard]], or may be [[fiat money]], such as [[Federal Reserve]] notes. Alternatively, trade may be carried on using commodity pay, wherein existing commodities are assigned exchange values but not explicitly designated as money.

The [[currency]] which serves as money may be backed by some tangible commodity, such as the [[gold standard]], or may be [[fiat money]], such as [[Federal Reserve]] notes. Alternatively, trade may be carried on using commodity pay, wherein existing commodities are assigned exchange values but not explicitly designated as money.