The main advantage of a cashless society is that a record of all economic transactions through electronic means makes it almost impossible to sustain black market or underground economies that often prove damaging to national economies, according to Infowars.com. Because it is also much more risky to conduct criminal transactions or avoid the proper payment of due taxes in a cashless society, such violations are likely to be greatly reduced.Know More
Recent technological developments and the ubiquity of debit cards in developed economies have greatly reduced the use of cash in consumer transactions worldwide. According to Infowars.com, the governments of countries such as Sweden and Israel are considering or have implemented policies to move their countries to cashless economies. And even in the United States, where the symbolic value of the dollar and thus cash is more pervasive, up to 80 percent of consumer transactions are conducted without using cash.
The legal and macroeconomic benefits mentioned above are not likely to bring about a cashless society on their own. If history is taken into account, the customer convenience benefits brought about by debit cards and smart cards are more likely to be the driving force to a cashless society, according to Wikipedia. Even though consumer rights groups have warned about loss of privacy and security concerns by completely relying on electronic transactions, customers continue to use them at a rapidly growing pace.Learn more about Economics
The three economic questions that every society must answer are as follows: "What to produce?" "How to produce?" and "For whom to produce?" The answers to these questions handle the matters of how to deal with scarcity and how to efficiently allocate resources.Full Answer >
A traditional economy is an economic system where customs, traditions and beliefs determine the goods and services created by the society. It is dependent on agriculture, hunting and gathering, fishing or any combination of the above. Also called a subsistence economy, it may involve use of barter trade instead of currency.Full Answer >
Money is a positive thing for a society to have, since it provides citizens with a medium of exchange that they can use to pay for needed goods and services. Bartering was common before money became widely used, but it has limitations that make it much more inflexible than money.Full Answer >
Income inequality refers to a scenario in a society or population where household income is unevenly distributed. About 1 percent of the U.S. population earned 22.46 of income in 2012, for instance.Full Answer >