Money

Money is used for buying or selling goods, for measuring (вимірювання) value (вартість) and for storing (збереження) wealth. Almost every society now has a money economy based on coins and paper bills of one kind or another. However, this has not always been true. In primitive societies a system of barter was used. Barter was a system of direct (прямий) exchange of goods. Somebody could exchange a sheep, for example, for anything in the marketplace that they considered (вважати) to be of equal value. Barter, however, was a very unsatisfactory system, because people's precise (точний) needs seldom coincided.(співпадати) People needed more practical system of exchange, and various money systems based on goods which the members of a society recognized as having value. Cattle (худоба), grain (зерно), teeth, shells, feathers (пір’я), salt, elephant tusks, and tobacco have all been used. Precious (дорогоцінний) metals gradually took over because, when made into coins, they were portable (портативний), durable (довгостроковий), recognizable, and divisible (подільний) into larger and smaller units of value. A coin is a piece of metal, usually disc-taped, which bears (мати на собі) lettering, designs or numbers showing its value. Until the eighteenth and nineteenth centuries, coins were given monetary worth (вартість) based on the exact (точний) amount (кількість) of metal contained in them, but most modern coins are based on face value — the value that governments choose to give them, irrespective of (незалежно від) the actual metal content (вміст). Most governments now issue paper money in the form of bills, which are really "promises to pay". Paper money is obviously easier to handle and much more convenient in the modern world. Checks and credit cards are being used increasingly, and it is possible to imagine a world where "money" in the form of coins and paper currency will no longer be used.

1) What is modern money economy based on?

A. Barter deals. B. Coins and paper bills. C. Exchange of goods. D. Precious metals.

2) What system was used in primitive society?

A. Exchange of cattle for gold. B. Barter system.

C. Exchange of salt, gold and silver. D. System of coins.

3) Why was barter a very unsatisfactory system of exchange?

A. Because the society recognized shells as having some value.

B. It was not easy to exchange a sheep for a cow.

C. Cattle couldn't be divided into smaller units of value.

D. Because people's needs seldom coincided.

4) Why did precious metals gradually take over?

A. When made into coins they were portable, durable and divisible.

B. Because goods became cheaper.

C. Because coins were disc-shaped.

D. Because the numbers on coins showed their value.

5) How was monetary worth given to coins?

A. By the amount of salt that could be bought by a coin. B. By their shape.

C. By the amount of metal contained in them. D. By the picture on the coin.

6) In what form do most governments issue paper money now?

A. In the form of dollars. B. In the form of bills.

C. In the form of karbovantsy. D. In the form of pounds.

7) What kinds of money are being used іncreasingly?

A. Bills. B. Dollars. C. Disc-shaped coins. D. Checks.

8) What is the system of direct exchange of goods called?

A. Market. B. Selling. C. Barter. D. Buying.

9) What can we measure value with?

A. Money. B .Precious metals. C. Checks. D. Elephant tusks.

10) What is face value of the coin?

A. The value of the coin which depends upon the portrait on it.

B. The value based on the amount of metal in the coin.

C. The coin is made of gold which is worth one dollar.

D. The value that government chooses to give a coin.

MONEY

I. Read the teenagers’ statements and discuss if money is the most important thing in your live?

Robert: Money is useful to have but I don't think it's the most important thing. I want a job that I'll enjoy. I don't want a job that gives me a lot of money that I can't spend because I'm too busy.

Tim: I'm not particularly materialistic. I am not interested in being very rich if I can't be happy. What's the point of being rich if you hate living?

Jillian: No, I don't think money is important. I want to be a doctor not for the money but because it is a caring profession.

Alice: Money is very important to me. I think money's great but other things can make you happier. Being alive and well are more important. Happiness comes from inside and can't be bought.

Laura: Money is essential for many things but it can't buy you everything. I think you need happiness more than money.

Dan: I'm quite materialistic so money's very important to me. I'm sure there are a lot of rich people who are happy. If I am rich when I'm older I might help less fortunate people but I don't usually help them now.

Tom: Money is a useful addition to everyone's life. It's nice to be wealthy enough to buy things that you want. Money helps you to do a lot of things but it can't buy you love or health. Therefore it can't always buy you happiness. In the future, if I'm rich, I'll help poorer people. Money is not a major factor in my career choice. I'd like to be a scriptwriter or an actor.

II. Read the text again and complete the chart. Define the qualities and functions of money.

1. an ability to be easily divided
2. condition of being the same; not varying in value
3. an ability to be firmly fixed or not likely to change; the value of money is more or less the same today as tomorrow
4. an ability to be easily identified (recognized) and hard to copy
5. an ability to be small enough and light enough to carry
6. an ability to last a long time without being damaged
7. money enables us to use the value of something that we sell today to make a purchase sometime in the future.
8. money enables us to state the price of something in terms that everyone can understand.
9. the medium through which people exchange goods and services, the medium that enables exchanges to be made easily

III. Money. Put each of the following words or phrases into its correct place in the text below.

banks

beads(бісер)

buy

coins

change

currency

depositing

earn

exchange rate

goods

investments

money

paper bills

savings accounts

sell

shells

value

Money is what people use to (1) .... things. People spend money on (2)..... and services. Many people save part of their money by (3)..... it in a bank. People(4) ..... money by performing services. They also earn money from (5)..... , including government bonds, and from (6)..... . (7) ..... can be anything that people agree to accept in exchange for the things they (8) ..... or the work they do. Ancient peoples used such varied things as (9) ......, (10) ......, and cattle as money. Today, most nations use metal coins and (11)..... . Different countries' (12) ..... and bills look different and have different names.

A person can (13)..... his money for the money of any country according to the (14).... . Usually, such rates are set by the central (15)..... of a country. The (16)..... of a country's (17)..... may change, depending on the economic and political conditions in that country.

MONEY. Give the names for the defined money expressions.

1. a fixed amount which is paid, usually monthly	a s - - - - -
2. an amount of money which you lend to someone	a l - - -
3. a sum of money which is owed to someone	a d - - -
4. money which is in the form of coins and notes, not cheques	c - - -
5. an amount of money you receive, usually weekly, in return for labour or service	a w - - -
6. money paid by divorced father to his former wife for the upkeep of his children	a - - - - - -
7. tax on imported articles paid to the Customs	d - - -
8. paid at a restaurant after eating	b - - -
9. extra percentage paid on a loan	i - - - - - - -
10. money paid for professional services, e.g. to a doctor	f - -
11. money paid by the state, usually to students	g - - - -
12. money paid by a company or the state on your retirement	p - - - - - -
13. paid as a punishment for breaking the law	f - - -
14. paid to the government for services that the state provides	t - - - -
15. paid while travelling, especially on public transport, buses, trains, etc.	f - - -

alimony-аліменти; duty-мито;bill-рахунок; fee-гонорар; fine-штраф; fare-плата за проїзд