Some QUESTIONS AND ANSWERS from The Article"Time Is Money"

                                        Questions

1.  What does the author mean when he says, "money can buy you time, which is why we pay physicians and pharmaceutical companies after we have heart attacks"?

2.  Reread the paragraph that starts "But 25% more pay is not the heart of the matter."  The author then says, "People who start businesses are more likely to get rich than anyone else."  According to the author, why is this true?

3.  Explain in your owns words what the heading "The High Cost of Leisure" means given what has been covered so far in the article.  

4.  In what year in human history did productivity begin its "steady upward rise . . . of 2.5% per annum"?

5.  What was Thomas Edison's contribution to "overcoming nature"?  How did his invention overcome nature?

6.  According to the author, how do most of us overcome nature?

7.  According to the author, why do most people don't like to work?

8.  According to Dr. North, how many hours does it take for a person to become competent with something?  Divide that number by 365 and you will get the number of years it takes to be competent.  How many years does it take for someone to be competent at computer engineering or selling real estate?  How many years does it take for someone to be a master of a skill?

9.  Gary North's article promotes and privileges creators over consumers.  He says, "What most people do not recognize early enough is that they should find employment in a field in which the compounding process produces a sense of personal achievement that lures them back into an ever-greater investment of their time. The compounding process is what produces success, but the front-end costs, especially psychological costs, keep out most people. They willingly serve as salary earners rather than creators."  What does he mean by the "compounding process"?

10.  In his section on "The Problem With Schools," Gary North says that great teachers are not allowed to multiply themselves.  What does he mean by multiplying one's self?

11.  According to Dr. North, who in the free-market is king and the person to whom we should serve?

12.  What lesson can you learn from the following story.  "There is a man in my church who owns and operates motels. Back in the 1980s, he was in college, earning a degree in physical education. He was also making $60,000 a year in the motel business. His coach told him to quit school. "You're making more money than I am. Why do you want to teach junior high school boys, whose parents will be on your back to give their kid more playing time?" He wisely dropped out of college."

                                             Answers

1) It means that there are people who are worth a billion dollars. No one I know is going to live 300 years unless a major breakthrough in medicine takes place.

2) It is not something newt that people who owns businesses and work longer that makes the big difference. To have more benefit from this, they must work long hours, because the consumers are demanding. The consumer have to work harder and smarter. So the owner will pay you a lot more if you do so.

3) Leisure was once the major blessing of slave-ownership. The article tells us how people praised leisure for the good life. At that time hat was work only for slaves. Most of man's hard manual labor has been the norm. Men had to struggle with the earth for the living. Most of their children died before reaching adulthood. But In 19s it had changed, technologies and living conditions improved.

4) steady upward rise . . . of 2.5% per annum beginning in the mid-18^th century.

5) Most of  humans overcome nature with tools, not with hard physical labor. They probably overcome nature with capital and therefore thrift. For most people in history, nature has provided little value above what was put into it. The net productivity of autonomous nature is low. Only through capital investment does nature produce sufficient output to provide lots of excess wealth, which is taken in the form of leisure.

6) Most of the people overcome nature with tools, not hard physical labor.

7) Most of the people don't like to work because our technologies develop fast so machines work for us as slaves and do most of the humans' job. Also hating their job causes people to quit and stop working.

8) It takes 1,000 hours/365= 2 it takes to be competent.  A bachelor's degree takes most people five years to earn. If we think of a work week as 40 hours, that's an investment of 50 x 40 x 5 = 10,000 hours Cost of the move from competence (1,000 hours) to mastery (5,000 hours)= 13 years to mastery.

9) I looked up in the dictionary and compounding as an adjective means  divided into parts, so may be this process have many parts/ steps.

10) I think in his phrase he meant that if someone, such as teacher, has better degree than others shouldn't raise his/her self like they deserve more. If every teacher has the same salary with good degree or not if the teacher has better experience that also counts.

11) I learned from this story that whoever tells you to quit the college/university tells you you may make more money if you will work without that too, trust me that will never happen. This is how the world is. Man with degree and experience will choose  for the work without line. Never quit or stop to achieve your goals.