One is as though nothing is a miracle.
Monday, 26 September 2011
Lesson 6
Wednesday, 21 September 2011
The Actual Real Outline - The Miracles of the Refrigerator & Refrigeration
Monday, 19 September 2011
Lesson 5 - Communications Technology of Tomorrow
Friday, 16 September 2011
The Real Outline - Credit Cards
Specific Innovation of Interest
- Discuss Credit cards --> how it has become a big thing & that we are dependent on it
- Timeline of credit cards
- Brief explanation of the uses of credit cards
Rationale for Selecting Innovation
How it has influenced the world already...Both positively and negatively
- Positive Affects:
+ Convenience: We can pay for things quickly/don't need to carry large amounts of cash and in terms of work can improve sales by accepting credit cards
+ Easy to use: Can use in most places plus just have to pay at the end of the month
+ Purchase are tracked automatically: so you know where you are spending money
+ Build good credit: With credit cards, if used properly, you can build a good credit and take out loans for houses, etc... easier
+ Safer to carry large sums of money around as password protected
+ No need to carry lots of money
- Negatived Affects:
+ Overspending: psychologically end up spending more money because feel like you aren't spending much
+ Debt: If you overspend than you won't be able to pay off entire bill and this money will accumulate fast and could, eventually, lead to poor credit
+ Interest build-up: happens when can't pay entire bill...Must pay more
+ Identity theft: people are able to steal identities from credit cards...This can happen if someone happens to steal your credit card.
Executive Summary (Abstract)
- Discussion of what is to be discussed
- Define credit cards + give a summary of the main affects of using it
+ mention people's dependence on it & how it is something nearly everyone uses
+ Emphasize that it is used throughout society
- Say that we can't conclude whether it is positive or negative as it's so integrated within our society that we don't even know if life would be better without credit cards....
Background/Information
- Discuss common uses of credit cards
- Explain the first reference to credit cards + when it was introduced:
+ First describe in 1887 in a book titled Looking Backward by Edward Bellamy. The book mentions the term "credit card" a total of 11 times --> at this time there was nothing in existence of this nature.
+ 1920's --> first used to sell fuel in US
+ 1938 --> other big companies began excepting credit cards
+ 1930-1950's --> Charge plates used in US....these are predecessors to the credit card....plates issued by fuel companies/department stores for use
+ After 1960 --> Credit card was widely used and, eventually, phenomenon spread across the world.
Historical Perspective
- Before charge plates there were charge coins
+ Mainly issued by department stores
+ Coin shaped aluminum/metal items that had a customers identification and helped them pay through credit
- Before 1920's --> cash & personal checks were used for payment
+ More unsafe & harder to obtain
Current Situation
- Easy to make large payments
- Harder to keep a budget as psychologically it feels like you're spending less
- Influence on society --> somewhat dependent on credit cards...
- Possibility of thinking less before making large payments --> just have to produce card as opposed to actual money/a check...less thinking involved
- Cases of identity theft --> dangerous for people!
Future Considerations
- We can already see that as time goes on the dependence on credit cards increases as well
- This dependence indicates that in future years society might be unhealthily dependent on a piece of plastic
- Might turn into a cashless society
+ From the barter system to money to cashless...
+ Might be for the better but could also be messy, unreliable and unsafe
Conclusions
- reiterate points that have been discussed
- Include that the invention holds both positive and negative drawbacks but it is thoroughly integrated into society
- Definite possibilities for the future of credit cards
References
- http://www.banking.state.ny.us/brcard.htm
- http://www.investopedia.com/articles/financial-theory/08/history-credit-cards.asp#axzz1Y8RcGOJF
- http://www.creditcards.com/credit-card-news/credit-collectible-coins-charge-plate-1264.php
- http://www.ehow.com/list_6046702_benefits-negatives-credit-card.html
- http://thephantomwriters.com/free_content/db/b/accepting-credit-cards.shtml
- http://en.wikipedia.org/wiki/Credit_card