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I. Information for Study Output Supply. |
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Revenues, Costs, and Profits |
subsequent |
-- |
последующий |
temporary |
-- |
временный |
to undertake |
– |
предпринимать |
value |
– |
стоимость |
viewpoint |
– |
точка зрения |
wear-and-tear |
– |
износ |
IV. Test
1. Выберите из колонки справа по смыслу слова, пропу- щенные в предложениях.
1) The firm’s costs are the ... incurred in producing a) cash flow goods or services. b) liability
2) Set up costs must be ... before revenues start to flow in. c) deprecia-
3)The ... shows a flow of money during a given year. tion
4)Profitable firms have a poor ... when customers do d) expenses
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not pay their bills immediately. |
e) |
assets |
5) |
If the business ... revenues will eventually build up. |
f) |
income |
6) |
The net worth is a ... of firm to its shareholders. |
statement |
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7) |
The word ‘capital’ denotes goods not entirely ... in |
g) |
equipment |
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the production process during the period. |
h) |
incurred |
8) |
The cost during the period of using a capital good |
i) |
prospers |
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is the ... or loss of value of that good. |
j) |
used up |
2. Выберите существительные, которые по смыслу могут следовать за данными глаголами:
1) to incur |
a) incomes |
2) to hire |
a) workers |
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b) assets |
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b) payments |
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c) expenses |
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c)goods |
3) to assess |
a) bills |
4) to restrict |
a) costs |
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b) rates |
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b) effects |
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c) nets |
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c) reasons |
5)to build up a) activities
b)flows
c) revenues
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Английскийязык.
Лексические основы чтения текстов по экономике
3. Выберите из приведенного списка термины, соответст- вующие данным определениям.
a) |
excess of revenues over costs |
1. |
rental |
b) |
the amount a firm earns by selling goods or ser- |
2. |
profits |
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vices in a given period |
3. |
revenue |
c) |
the expenses incurred in producing goods or |
4. |
cash flow |
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services during a period |
5. |
costs |
d) |
the net amount of money actually received dur- |
6. |
physical capi- |
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ing the period |
tal |
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e)goods not entirely used up in the production 7. depreciation process
f)the loss in value resulting from the use of a capital good during the period
g)payment for hiring a good or а service
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I. Information for Study
Money and Its Functions
Unit 10.
I. Information for Study.
Money and Its Functions
Text A
Прочитайте следующую информацию и запишите ос- новные термины, связанные с тематикой текста.
Although the crucial feature of money is its acceptance as the means of payment or medium of exchange, money has three other functions. It serves as a unit of account, as a store of value, and as a standard of deferred payment. We discuss each of the four functions of money in turn.
The Medium of Exchange
Money, the medium of exchange, is used in one-half of almost all exchange. Workers exchange labour services for money. People buy or sell goods in exchange for money. We accept money not to consume it directly but because it can subsequently be used to buy things we do wish to consume. Money is the medium through which people exchange goods and services.
To see that society benefits from a medium of exchange, imagine a barter economy.
A barter economy has no medium of exchange. Goods are traded directly or swapped for other goods.
In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is simultaneously a seller and a buyer. In order to see a film, you must hand over in exchange a good or service that the cinema manager wants. There has to be a double coincidence of wants. You have to find a cinema where the manager wants what you have to offer in exchange.
83
Английскийязык.
Лексические основы чтения текстов по экономике
Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful. The use of money any commodity generally accepted in payment for goods, services, and debts makes the trading process simpler and more efficient.
Other Functions of Money
The unit of account is the unit in which prices are quoted and accounts are kept.
In Britain prices are quoted in pounds sterling; in France, in French francs. It is usually convenient to use the units in which the medium of exchange is measured as the unit of account as well. However there are exceptions. During the rapid German inflation of 1922-23 when prices in marks were changing very quickly, German shopkeepers found it more convenient to use dollars as the unit of account. Prices were quoted in dollars even though payment was made in marks, the German medium of exchange.
Money is a store of value because it can be used to make purchases in the future.
To be accepted in exchange, money has to be a store of value. Nobody would accept money as payment for goods supplied today if the money was going to be worthless when they tried to buy goods with it tomorrow. But money is neither the only nor necessarily the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in pounds sterling. Although convenient, this is not an essential function of money. UK citizens can get bank loans specifying in dollars the amount that must be repaid next year. Thus the key feature of money is its use as a medium of exchange. For this, it must act as a store of value as well. And it is usually, though not invariably, convenient to make money the unit of account and standard of deferred payment as well.
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I. Information for Study Money and Its Functions
Different Kinds of Money
In prisoner-of-war camps, cigarettes served as money. In the nineteenth century money was mainly gold and silver coins. These are examples of commodity money, ordinary goods with industrial uses (gold) and consumption uses (cigarettes) which also serve as a medium of exchange. To use a commodity money, society must either cut back on other uses of that commodity or devote scarce resources to producing additional quantities of the commodity. But there are less expensive ways for society to produce money.
A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.
A £ 10 note is worth far more as money than as a 3 6 inch piece of highquality paper. Similarly, the monetary value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain. By collectively agreeing to use token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the manufacturing costs are tiny, why doesn’t everyone make £10 notes? The essential condition for the survival of token money is the restriction of the right to supply it. Private production is illegal.
Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment.
In modern economies, token money is supplemented by IOU money.
An IOU money is a medium of exchange based on the debt of a private firm or individual.
A bank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment.
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Английскийязык.
Лексические основы чтения текстов по экономике
II.Practice
1.Переведите текст на русский язык, используя словарь в конце урока.
2.Найдите в тексте ответы на поставленные вопросы и за- пишите их.
1)What are the main functions of money?
2)Why is barter economy wasteful?
3)What is the unit of account?
4)Why is money a store of value?
5)In what way does money serve as a standard of deferred payment?
6)Why is it more convenient to use token money and not commodity money?
7)How does society enforce the use of token money?
8)What is an IOU money and how is it used in modern economies?
3.К выделенным жирным шрифтом словам в тексте под- берите близкие по значению слова из следующего списка:
calculation, worthy, postpone, lawful, agency, cheap, transfer, commerce, worth, symbol.
4. Подчеркните в тексте предложения, соответствующие по смыслу данным ниже:
1)Деньги – это средство, при помощи которого люди обмениваются товарами и услугами.
2)В условиях меновой торговли людям приходится тра- тить много времени и усилий, чтобы найти тех, с кем они могут произвести взаимовыгодный обмен.
3)Деньги – это средство накопления ценностей, потому что их можно использовать для покупки товаров в бу- дущем.
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I. Information for Study
Money and Its Functions
4)Денежная стоимость большинства монет превышает сумму, которую можно получить, если расплавить монету и продать содержащийся в ней металл.
5)Если у вас есть вклад в банке, то банк должен вам деньги.
6)Деньги – не единственное и не самое лучшее средство накопления ценностей.
7)Главное свойство денег – это их использование в каче- стве средства обмена.
8)Вы можете выписать чек на себя или на третье лицо, и банк обязан оплатить этот чек.
9)Банковский депозит – это долговые деньги, потому что это долг банка.
5.Образуйте существительные от данных глаголов. Пере- ведите их.
to accept, to spend, to pay, to quote, to measure, to collect, to contain, to require, to agree, to present.
6. Образуйте наречия от данных прилагательных. Переве- дите их.
direct, expensive, scarce, general, simple, quick, necessary, final, essential, main.
7.Изложите краткое содержание текста А на английском язы- ке в письменном виде.
III. Vocabulary to Text A
account |
– |
счет (в банке) |
amount |
– |
сумма |
barter |
– |
прямой товарообмен |
to be worth |
– |
стоить |
to bear interest |
– |
приносить прибыль |
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Английскийязык.
Лексические основы чтения текстов по экономике
to borrow |
– |
взять взаймы |
coin |
– |
монета |
coincidence |
– |
совпадение |
commodity |
– |
товар |
debt |
– |
долг |
deferred payment |
– |
отсроченный платеж |
deposit |
– |
вклад (в банк), депозит |
to exceed |
– |
превышать |
exchange |
– |
обмен |
expensive |
– |
дорогой |
to hand over |
– |
передать |
IOU |
– |
долговая расписка |
illegal |
– |
незаконный |
interest |
– |
ссудный процент |
to keep an account |
– |
вести счет |
legal tender |
– |
законное платежное |
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средство |
loan |
– |
ссуда |
manufacturing costs |
– |
издержки производства |
means |
– |
средство |
medium of exchange |
– |
средство обмена |
monetary value |
– |
денежная стоимость |
to owe |
– |
быть в долгу |
payment |
– |
платеж |
purchase |
– |
покупка |
purchasing power |
– |
покупательная |
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способность |
to quote a price |
– |
назначить цену |
to repay |
– |
вернуть долг |
shopkeeper |
– |
хозяин магазина |
store of value |
– |
накопление ценностей |
to supplement |
– |
дополнить |
swap |
– |
обмен |
to swap |
– |
обмениваться |
token money |
– |
символические деньги |
trading |
– |
торговля |
unit of account |
– |
расчетная единица |
wasteful |
– |
расточительный |
88
I. Information for Study Money and Its Functions
IV. Test
1. Выберите из колонки справа по смыслу слова, пропу- щенные в предложениях.
1) |
Money is the … through which people ex- |
a) account |
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change goods and services. |
b) value |
2) |
… is very expensive in a barter economy. |
c) monetary |
3) |
People must spend a lot of time and effort |
d) medium |
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finding others with whom they can make |
e) uses |
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mutually satisfactory … . |
f) owes |
4) |
To be accepted in exchange, money has to be |
g) debt |
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a store of … . |
h) coins |
5) |
Money serves as a standard of deferred |
i) price |
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payment or a unit of … over time. |
j) token |
6) |
In the XIXth century money was mainly |
k) trading |
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gold and silver … . |
l) swaps |
7)The essential condition for the survival of … money is the restriction of the right to supply it.
8)An IOU money is a medium of exchange based on the … of a private firm or individual.
9)The … value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain.
10)When you have a bank deposit the bank … you money.
2.Выберите существительные, которые по смыслу могут следовать за данными глаголами.
1) to hand over |
a) a measure |
2) to swap |
a) types |
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b) a service |
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b) losses |
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c) a feature |
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c) goods |
3) to store |
a) stage |
4) to owe |
a) money |
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b) branch |
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b) journey |
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c) value |
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c) quality |
5) to quote |
a) price |
6) to repay |
a) duty |
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b) policy |
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b) debt |
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c) product |
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c) unit |
89
Английскийязык.
Лексические основы чтения текстов по экономике
3. Выберите из приведенного списка термины, соответст- вующие данным определениям.
1) |
sum placed in bank, usually at interest |
a) to borrow |
2) |
written order to banker to pay named |
b) cheque |
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sum to bearer |
c) coin |
3) |
currency that cannot legally be refused |
d) deposit |
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in payment |
e) interest |
4) |
to be under obligation to repay |
f) legal tender |
5) |
piece of metal made into money by offi- |
g) to owe |
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cial stamp |
h) standard |
6) |
means of payment whose value greatly |
i) token money |
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exceeds its cost of production |
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7)a measure to which others conform
8)to get temporary use of money
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