- •Money and banking
- •Lesson 1
- •Which word?
- •Money vs. Moneys / monies
- •Which word?
- •What is Money?
- •Vocabulary notes:
- •Lesson 2
- •Vocabulary building Describing what happens to currencies
- •Money vs. Currency
- •Vocabulary Notes:
- •Lesson 1
- •Vocabulary building When a company fails
- •Bank Staff
- •Vocabulary notes:
- •Lesson 2
- •What is a Bank?
- •Vocabulary Notes:
- •Which word?
- •Credit vs. Loan
Vocabulary Notes:
to go through life [θru:] – йти по життю;
to get hands on – взяти(ся); схопити(ся); вхопити(ся);
economic calculation [ֽi:kə`nOmık ֽkælkju`leı∫ən] – економічний розрахунок / підрахунок;
to enable [ın`eıbəl] – давати змогу (право) (щось зробити); робити можливим, полегшувати;
to facilitate [fə`sıləteıt] – полегшувати; допомагати; просувати; сприяти;
to allow [ə`lau] – дозволяти; надавати, робити можливим; допускати, припускати, визнавати;
relative value [`relətıv `vælju:] – відносна вартість; відносна цінність (одних цінних паперів щодо інших у даний момент);
conception [kən`sept∫ən] – розуміння; поняття; концепція; задум;
to tend – мати тенденцію; схилятися (до чогось); мати нахил (до чогось);
intangible [ın`tændჳəbəl] – невідчутний (на дотик); невловимий; незбагненний, незрозумілий;
merely [`mıəli] / [`mırli] – тільки, лише; просто;
to grasp [grα:sp] / [græsp] – хапати; схоплювати; затискати (в руці);
value of human labour – вартість людської праці;
to overestimate [ֽəuvər`estımeıt] – переоцінювати; оцінювати занадто високо;
to be forced to do something – бути змушений щось зробити;
awkward [`O:kwəd] / [`O:kwərd] – незграбний; незручний; скрутний; ніяковий;
to come to a screeching halt [skri:t∫ıŋ hO:lt] – загальмувати зі скрипом; (різко) зупинитися зі скрипом гальм;
deposits at banks [dı`pOzıts] – вклади у банки;
to make a loan – надавати позику;
to circulate [`sə:kjuleıt] – обертатися, циркулювати; бути в обігу;
to get to thinking – стати думати; прийти до висновку;
to mint [mınt] – чеканити, карбувати (монети);
to quote price [kwəut] / [kwout] – публікувати ціну товару;
money order – платіжне доручення; грошовий переказ (поштовий);
credit card – платіжна пластикова картка, кредитна картка;
to be short on money – відчувати нестачу, брак (чогось); потребувати (щось); не вистачати;
to run short – закінчуватися;
to meet criteria [kraı`tıəria] – відповідати критеріям; задовольняти критерії;
store of value – засіб заощадження;
unit of account – одиниця обліку; розрахункова одиниця;
temporary – тимчасовий;
permanent [`pə:mənənt] – постійний, незмінний; довгочасний; перманентний.
Task 10. Tick the correct sentence.
People believe that the value only exists in human minds. |
____ ____ |
|
|
Most people think they are working for money, when in reality they are not. |
____
____ |
|
|
Human mind invented currency to represent money. |
____ ____ |
|
|
Money and currency are interchangeable. |
____ ____ |
|
|
Money is conceptual, whereas currency is physical. |
____ ____ |
|
|
You can not hold currency in your hand, not you, not any one else. |
____ ____ |
|
|
Currency is NOT money, but merely represents money. |
____ ____ |
|
|
In a modern economy most of the money is made up of currency in piggybanks. |
____
____ |
|
|
Financial institutions can create money – by making loans. |
____ ____ |
|
|
Currency is created, not printed or minted. |
____ ____ |
|
|
Currency is the units in which prices are quoted. |
____ ____ |
|
|
The real paper bills and metal coins that we hold in our hands is money. |
____ ____ |
|
|
Checks, money orders, credit cards are money. |
____ ____ |
|
|
If we are short on money, we gain more currency. |
____ ____ |
|
|
Three criteria must be met in order for something to be money. |
____ ____ |
|
|
In most cases currency is a permanent store of value. |
____ ____ |
Task 11. Identify the features of money and currency.
FEATURE |
MONEY |
CURRENCY |
|
1. |
Real |
|
|
2. |
Unreal |
|
|
3. |
Physical |
|
|
4. |
Intangible |
|
|
5. |
Imaginary |
|
|
6. |
Conceptual |
|
|
7. |
can be created |
|
|
8. |
must be a store of value |
|
|
9. |
people can grasp and trade |
|
|
10. |
represents imaginary value |
|
|
11. |
must be the unit of account |
|
|
12. |
only exists in human minds |
|
|
13. |
a tool of economic calculation |
|
|
14. |
people cannot hold in their hands |
|
|
15. |
medium that facilitates an exchange |
|
|
16. |
is the units in which prices are quoted |
|
|
17. |
is mostly made up of deposits at banks |
|
|
18. |
enables people to run the economy easier |
|
|
19. |
must be an accepted medium of exchange |
|
|
20. |
only represents the value of human labour |
|
|
21. |
a temporary (not permanent) store of value |
|
|
22. |
allows the mental calculation of relative value |
|
|
23. |
is printed on paper or minted from cheap metal |
|
|
Task 12. a) Find synonyms among the following words from the text (Task 9).
1. To allow; 2. conceptual; 3. to enable; 4. imaginary; 5. to facilitate; 6. medium; 7. to get hands on; 8. mental; 9. to grasp; 10. tool; 11. to make faster; 12. to speed up; 13. unreal; 14. intangible.
b) Use the above words in the sentences of your own.
Task 13. a) In the text “Money vs. Currency” (Task 9) find the sentences which contain the following word combinations. Translate the sentences.
To get hands on;
to change hands;
on the other hand;
hold money in your hand.
b) Translate the following sentences into Ukrainian. Use your dictionary if necessary.
A weakened currency and poverty go hand in hand.
Devalued domestic currency plays into the hands of exporters.
The Central bank took a hand in the domestic currency revaluation.
Depreciating currency made many families live from hand to mouth.
The government set its hands to strengthening of the national currency.
The Central Bank did not lend a hand to defend a depreciating currency.
By a floating currency the exchange rate gets out of hand of the Central Bank.
Task 14. Fill in the blanks with the most appropriate terms from the box.
check |
to borrow |
facilitating |
worth |
Purchases |
store of value |
income |
Exchanges |
checkable deposits |
balance |
to transfer |
financial institutions |
to accept |
Repayment |
medium of exchange |
Our ability to use money in market transactions depends on sellers’ willingness (1)_____ money as a (2)_____. Accordingly, money plays an essential role in (3)_____ the continuous series of (4)_____ that characterize a market economy. Money is also a useful (5)_____, that is, a mechanism for transforming current (6)_____ into future (7)_____. Finally, common use of money serves as a standard of value for comparing the market (8)_____ of different goods.
The most important component of money today is (9)_____ at banks and other (10)_____. Neither checks nor credit cards are money.
A (11)_____ is an instruction to a bank (12)_____ money from one account to another. Money is the (13)_____ in the account itself.
A credit card is an ID card that enables a person (14)_____ at the instant a purchase is made on the promise of repaying later. When (15)_____ is made, money (currency or a checkable deposit) is used for the payment.
Task 15. Answer the questions.
The value only exists in human minds, doesn’t it?
Why did human mind invent currency? What does currency represent?
Why do most people confuse money and currency as the same thing?
Are the terms “money” and “currency” often used interchangeably?
What is often viewed as a tool of economic calculation that enables the communication of value?
What facilitates an exchange between participants in a market?
Does money allow the mental calculation of relative value?
Currency is the thing that actually changes hands, isn’t it?
What analogies from our everyday life can help to explain the concepts of “money” and “currency”?
Is money tangible or intangible?
What unreal concept enables people to run the economy easier?
Why can’t the importance of money be overestimated?
What is most of the money in a modern economy made up of?
How is money created?
What is printed on paper or minted from cheap metal?
What is currency?
Are checks, money orders, credit cards money?
What does currency facilitate? What does it speed up?
How does the amount of currency depend on the amount of money in the economy?
What criteria must be met in order for something to be money? What about currency?
Task 16. Translate into English.
1. Ми звикли вважати, що гроші існують, у той час як вартість існує лише в нашій свідомості. 2. Людський розум винайшов валюту, щоб представляти гроші. 3. Більшість людей ототожнюють гроші й валюту. 4. Хоча терміни “гроші” і “валюта” взаємопов’язані, між ними існує різниця. 5. Гроші часто розглядаються як інструмент економічного розрахунку. 6. Гроші роблять можливою передачу (представлення; повідомлення) вартості. 7. Валюта – це засіб, який полегшує обмін між учасниками ринку. 8. Гроші є уявними, в той час як валюта – фізична. 9. Валюта – не гроші, а лише те, що їх репрезентує. 10. Не можна недооцінювати важливість грошей. 11. Без грошей наша економіка одразу ж зупинилася б. 12. У сучасній економіці більшість грошей складається з депозитів у фінансових установах. 13. Гроші створюються за рахунок надання кредитів. 14. Валюта – це гроші у будь-якій формі, що застосовуються як засіб обміну. 15. Чеки, поштові грошові перекази, кредитні картки є засобами обміну, але не грішми. 16. Валюта друкується на папері або карбується з дешевого металу. 17. Валюта – це одиниці, в яких заявляються ціни. 18. Сума валюти, яка у нас є, залежить від кількості грошей в економіці. 19. Гроші повинні задовольняти три критерії. 20. Валюта є в більшості тимчасовим засобом заощадження.
Task 17. Say what you know about:
The confusion which exists in public mind as to the essence of money and currency.
The reasons for inventing currency.
The importance of money for a modern economy.
Ways of printing currency / creating money.
Different forms of currency.
Criteria needed for distinguishing currency / money.
Task 18. Comment on the following statements.
Money only exists in human mind.
“We haven’t the money, so we’ve got to think.” (Lord Rutherford)
In reality people are not working for money.
“If you had your life to live over again – you’d need more money.” (Construction Digest)
Devaluation and poverty go hand in hand.
It is much too easy to start calling currency money.
The importance of money cannot be overestimated.
“If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.” (Henry Ford)
English is the key to the international currencies of technology and commerce.
“I am not interested in money but in the things of which money is symbol” (Henry Ford)
UNIT 2. BANKS AND BANKING