Create a new account

It's simple, and free.

Meaning of Time and Money

This is a common phrase heard often in the American business world, typically said by supervisors to subordinates. Its exact, literal meaning varies with the context in which it is used, but the phrase itself connotes certain aspects of an employer's value system. This research examines the phrase, "time is money," and its meaning in today's business environment.

In some literal cases in the business world, time is literally equal to money. For example, banks pay interest on monies deposited for some period of time. The longer the principle is left on deposit, the greater the interest which accumulates. Conversely, banks charge interest on monies lent for a specific period of time. The longer the time period, the greater the interest charges (Fleisher, Ray, Kniesner, 395).

Advertising on radio or television also provides a direct example of time being equal to money. In this case, the advertiser pays for a specific block of time during which he advertises his product or service. The goal is to attract more sales from the advertisement than the cost of producing and airing it (Pearce, Figgins, Golen, 640).

Both of these examples, interest and advertising, look at the literal interpretation of time and money. The interest example provides the contrast of time as both a cost and a revenue, depending on whether the business is borrowing money or depositing it, respectively. The advertising example illustrates the concept that time can be bought from one entity and used to the benefit of another.

It is within this framework that bosses are likely to use the phrase, "time is money." Bosses pay for their employees' time through wages and salaries. It is expected that the activities which the employees undertake during that time will pay not only for the wages, but also benefits, overhead, other production costs, and still have some left over for profit.

When the American workplace was based on manufacturing an...

Page 1 of 6 Next >

More on Meaning of Time and Money...

Loading...
APA     MLA     Chicago
Meaning of Time and Money. (1969, December 31). In LotsofEssays.com. Retrieved 09:32, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1680490.html