Glimpses of history1 of money

At different periods of time and in different parts of the world many different commodities have served as money. These commodities² were: cattle, sheep, furs, leather, fish, tobacco, tea, salt, shells etc. The experts underline that to serve effectively as money, a commodity should be fairly durable, easily divisible, and portable. None of the above-mentioned³ commodities possessed all these qualities, and in time they were superseded by precious metals.

First they were superseded⁴ by silver and later by gold.

When a payment was made the metal was first weighed out. The next stage was the cutting of the metal into pieces of definite weight and so coins came into use. Paper money first came into use in the form of receipts given by goldsmiths in exchange for deposits of silver and gold coins. After goldsmiths became bankers their receipts became banknotes. That's how the first banknotes came into existence⁵. At first coins were worth⁶ their face value⁷ as metal. But later token coins⁸ of limited value as legal tender were issued. Now smaller denomination coins are made from bronze and are often referred to as coppers. Bigger denomination coins are made from cupronickel and are usually called silver.

Words

1glimpses of history	– дещо про походження;
2commodity	– предмети вжитку;
3above-mentioned	– вищезгаданий;
4to supersede	– замінювати;
5to come into existence	– виникнути, з’явитися;
6worth	– ціна;
7face value	– номінальна вартість;
8token coin	– розмінна монета.

Basic terms in foreign trade

Countries buy and sell various goods as well as various services. Goods bought from abroad, such as food, cars, machines, medicines, books and many others, are called visible¹ imports. Goods sold abroad are called visible exports.

Services, such as insurance², freight³, tourism, technical expertise⁴ and others, are called invisible imports and invisible exports.

The total amount of money a country makes including money from visible and invisible exports, for a certain period of time, usually for a year, is Gross National Product⁵, or GNP.

The difference between a country’s total earnings⁶ or GNP, and its total expenditure⁷ is called its balance of payments⁸.

The difference between what a country receives for its visible exports and what it pays for its visible imports is its balance of trade⁹. If a country sells more goods than it buys, it will have a surplus¹⁰. If a country buys more than it sells, it will have a deficit.

Words

1visible	– явний;
2insurance	– страхування;
3freight	– фрахтування, фрахт;
4expertise	– експертиза;
5Gross National Product	– валовий національний продукт;
6earnings	– прибутки, надходження;
7expenditure	– витрати;
8balance of payments	– платіжний баланс;
9balance of trade	– торгівельний баланс;
10surplus	– надлишок, активне сальдо.

Canada

Canada consists of almost all of the North American continent north of the US except Alaska. Its total land area of more than 9 mln sq. km makes it the second largest country in the world.

The total population according to the census 1981 was about 24 mln people with the average population density of 2.8 per sq. km.

English and French are the official languages of Canada and have equal status and equal rights and privileges as to their use in all governmental institutions.

Canada is a federation of 10 provinces and 2 northern territories. The federal Parliament is made up of the House of Commons and the Senate. The leader of the party that wins the largest number of seats in a newly elected House of Commons is asked to form the government.

Ottawa is the capital city of Canada. It is situated on the Ottawa River. The population of Ottawa is about 760,000 people.

Despite its small population, Canada is a great industrial nation, and manufacturing is the foremost sector of its economy, Canada is a main supplier to the USA of oil, gas, pulp and paper and electricity produced at its hydroelectric stations.

The leading industries are foods and beverages, primary metals (iron and steel), transportation equipment, paper, petroleum and coal products, wood products, textiles, clothing, machinery, nonmetallic minerals and furniture.

Nevertheless agriculture is of major importance to the economy as a whole and is basic in many areas. Three fourths of the cultivated area is in the prairie region producing wheat, oats, sugar beet, soya-beans, tobacco, potatoes.

Canada is among the world’s leading wheat producers and is second in the export of wheat.

Basically, Canada has a free-enterprise economy.