Ex. 5. Find in the text the words which go in pair with: currency, barter, exchange, money, function, value, duplication. You can add other word collocations. Give examples either from the text or of your own.( Знайдіть у тексті слова, які йдуть у парі з: валюта, бартер, обмін, гроші, функція, значення, дублювання. Ви можете додати колокації інших слів. Наведіть приклади або з тексту, або з вашого власного.)
Model: currency → national/international, local/foreign, weak/stable/hard currency, the single European currency
e.g. A stable currency means that your savings do not diminish in value. You can always convert euro into your local currency.
Barter:
Here we have such a fair barter.
Exchange:
Firstly, money is the mechanism that enables parties to make an indirect exchange of goods and services.
Money:
In fact, any commodity used as a medium of exchange is commodity money.
Function:
In order to better understand the concept of money and get an answer to these questions, let us turn to the origins of money and examine its principal functions.
Value:
Originally, money took the form of commodity money or money with its own value as a good.
Duplication:
National duplication occurs every day.
Ex.6. Choose the appropriate word or phrase from the list below to complete the sentences.
Attribute, an indirect exchange, medium of exchange, barter, credit money, durable, fiat money, high inflation, solve, over time, through space |
Without the use of money, trade would be reduced to barter .
Money is the mechanism that enables parties to make an indirect exchange of goods and services.
It was money that solve the basic problems created by barter.
Any commodity used as a medium of exchange is commodity money.
Fiat money serves as legal tender by government decree.
Examples of credit money include bank deposits and credit card loans.
As a medium of exchange, money transmits value over time , and it transmits value through space as a store of value.
The most essential attribute of money is its recognisability and acceptability.
Money must be portable, durable, divisible and stable.
In the time of high inflation money may not be a good store of value.
Ex.7. Fill in the gaps with the correct preposition or adverb.
In order to get an answer to these questions, let us turn to the origins of money and examine its principal functions.
Money came into being after barter.
The oldest recorded use of money dates back to ancient Mesopotamia about 4,500 years ago.
Originally, money took the form of commodity money.
Representative money refers to some currency issued by governments or banks and backed by their promises to redeem it for a given weight of gold or silver.
The value of fiat currency is based merely on trust that people will accept it in payment for goods and services and that its value will remain relatively stable.
Whatever the type of money, it should be judged on how well it performs its major functions.
In addition to these three functions of money, economists often point out the fourth criterion – to serve _ a means of liquidity.
Money has a big advantage over other assets.
Debit cards used for purchases and transaction records could greatly reduce the need for cash, but paper currency still has the advantage of privacy.
The percentage of electronic payments is growing dramatically these days.
We must admit that despite predictions of a “cashless society” relying on electronic payments, the demand for currency continues to grow.
Ex.8. Look through the text again and replace the words/phrases in italics with similar ones.
First of all, money is the result of a long evolutionary process.
To begin with, money is the result of a long evolutionary process.
Apart from these three functions of money, economists often point out one more criterion - a means of liquidity.
In addition to these three functions of money, economists often point out one more criterion - a means of liquidity.
In effect, money is what money does.
As a matter of fact, money is what money does.
Actually, any commodity used as a medium of exchange is commodity money.
In fact, any commodity used as a medium of exchange is commodity money .
All things considered, it must be said that money can be any commodity or token used by society as a medium of exchange, a measure of value and a store of value.
To summarise, it must be said that money can be any commodity or token used by society as a medium of exchange, a measure of value and a store of value.
And lastly, money units must be difficult to duplicate.
And finally, money units must be difficult to duplicate.
However, it is not only the physical durability of money that matters. Its social and institutional durability is also very important.
However, it is not only the physical durability that matters. Of no less importance is Its social and institutional durability.
There are some general characteristics that are extremely important and necessary for whatever acts as money in a modern society.
In a modern society , money has several basic characteristics.
An excellent example of fiat money is euro.
A prime example of fiat money is the new international currency - the euro.
The percentage of money moved electronically is growing surprisingly these days.
The percentage of money moved electronically is growing dramatically these days.
Ex.9. Choose and combine two parts logically to make complete sentences.
1. An economy that lacks a medium of exchange uses …b)
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a) commodity money. b) barter. c) flexible exchange rates. |
2. In a monetary economy, ….b) 3. In a barter economy, …a) |
a) a person having something to trade must find somebody who wants it and has something to offer in exchange. b) the owner of a commodity may sell it for money and buy anything he wants for this money. |
4. To be a good medium of exchange, money must be …a) 5. To be a good store of value, money must be …b) 6. To be a good measure of value or a unit of account, money needs to be …c) |
a) durable so it can be kept for future use and have a stable value so people do not lose its purchasing power if they use the money at a later time. b) portable, divisible, easily measured and willingly accepted by people. c) useful for quoting prices. |
7. Bank deposits and credit card loans are examples of …c) 8. Currency backed by a government or bank’s promise to redeem it for a given weight of gold or silver refers to a) 9. The type of money that is found today in most countries (the euro, American dollar, British pound, etc.) is b) |
a) representative money. b) fiat money. c) credit money.
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Ex.10. Translate into English.
До появи грошей був бартер, тобто, прямий безгрошовий обмін товарами.
Гроші - це будь-який товар або знак, що використовується суспільством як засіб обміну, міра вартості і засіб накопичення.
Щоб бути хорошим засобом обміну, гроші повинні бути легко впізнаваними, загальноприйнятими і зручними в користуванні, тобто бути подільними і легко переноситися з одного місця до іншого.
Як міра вартості, гроші служать в якості еталону для виміру вартості товарів і послуг.
Гроші виступають як засіб заощадження для використання в майбутньому, або як засіб накопичення багатства.
Щоб бути хорошим засобом накопичення, гроші повинні бути тривалого користування і мати більш-менш стабільну вартість.
У часи високої інфляції і політичної нестабільності гроші навряд чи можуть бути гарним засобом накопичення.
Гроші мають велику перевагу над іншими формами капіталу.
Це найбільш ліквідний капітал, оскільки вони повсюдно впізнавані і приймаються як єдина валюта.
Їх можна використовувати в будь-який момент для купівлі товарів і послуг, у той час як, для того щоб обміняти золото або діаманти на готівку, потрібен час і якісь зусилля.
1. Before the advent of money, there was a barter, that is, a direct cashless exchange of goods.
2. Money is any commodity or sign used by society as a means of exchange, a measure of value, and a means of accumulation.
3. In order to be a good medium of exchange, money must be easily recognizable, generally accepted and easy to use, ie be shared and easily transferred from one place to another.
4. As a measure of value, money serves as a benchmark for measuring the value of goods and services.
5. Money acts as a means of saving for future use, or as a means of accumulating wealth.
6. To be a good means of accumulation, money must be durable and have a more or less stable value.
7. In times of high inflation and political instability, money can hardly be a good means of accumulation.
8. Money has a great advantage over other forms of capital.
9. This is the most liquid capital because it is universally recognized and accepted as a single currency.
10. They can be used at any time to purchase goods and services, while it takes time and effort to exchange gold or diamonds for cash.
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