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§ Try to give their definitions in English.
§ In pairs make dialogues using expressions from the list above. Read the dialogues aloud.
Pre-Reading task
§ Scan the text.
§ Divide it into 8 paragraphs.
§ Give headings to each paragraph.
Reading
Read and translate the text.
Money And Its Funсtions
Although the crucial feature ofmoney is its acceptance as the means of payment оr medium of exchange, money has other functions. It serves as a standard of-value, a unit of account, a store of value and a standard of deferred payment. We discuss each of the functions of money in turn. Money, the medium of exchange, is used in one-half of almost а exchange. Workers exchange labor services for money. People buy and sell goods in exchange for money. We accept money not to consume it directly but because it can subsequently be used to pay 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. 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 monеу - any commodity generally accepted in payment for goods, services, and debts - makes the trading process simpler and more efficient. Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as the unit of account, is the unit in which prices are quoted and accounts are kept. In Russia prices are quoted in roubles; in Britain, in pounds sterling; in the USA, in US dollars; 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 - 1923 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 or in some other hard currency. 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.
Work with the text
§ Using your plan retell the text to your peer.
§ Name the main functions of money.
Translate from Russian into English:
§ Люди покупают и продают товары, используя деньги.
§ Каждый человек одновременно является и продавцом и покупателем.
§ Люди должны тратить много сил и времени на то, чтобы найти тех, с кем они могут совершить взаимовыгодный обмен.
§ Но деньги не являются единственной материальной ценностью.
UNIT 2
Lead in
§ How can a person get any kind of good?
§ What kinds of payment do you know?
§ What kind of payment and money do you use in your daily life?
Discussion
§ Divide in two groups.
§ Discuss advantages and disadvantages of using cash, cards and barter.
§ Present your ideas.
Vocabulary
§ Read and translate new words and expressions using a dictionary.
Expensive, law, obliged, token money, individual, century, illegal, bank deposit, coins, payment, quantities
§ In pairs make dialogues using expressions from the list above. Read the dialogues aloud.
Pre-Reading task
Scan the text and put in the missing words and expressions from the list above.
Reading
Read and translate the text.
Different Kinds Of Money
In prisoner-of-war camps, cigarettes served as money. In the 19th …….. 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 ……… of the commodity. But there are less ……….. 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 x 6 inch piece of high-quality paper. Similarly, the monetary value of most ……… 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 ……… ………. is the restriction of the right to supply it. Private production is………….:
Society enforces the use of token money by making it legal tender. The …….. says it must be accepted as a means of…………..
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 ……………..
A bank deposit is IOU money because it is a debt of the bank. When you have a ……….. ………… the bank owes you money. You can write a cheque to yourself or a third party and the bank is ………… to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment.
Work with the text
§ Find five main terms in the text.
§ Try to give their definitions in English.
§ Read the definitions to your peers. They should guess the term.
Translate from Russian into English:
§ В тюрьмах и военных лагерях сигареты выполняли функцию денег.
§ Денежные знаки является средствами оплаты в том случае, когда величина или покупательная способность существенно превышает издержку производства.
§ Существует всеобщее соглашение об использовании денежных знаков, посредством чего общество экономит ресурсы необходимые для производства денег, как единицы обмена.
§ Если расходы на производство являются настолько незначительными, почему бы всем не начать производство десятидолларовых купюр?
§ Общество осуществляет использование денежных знаков на юридической основе.
UNIT 3
Lead in
§ Do you use bank service?
§ Do you think banks are essential nowadays?
§ How is your job connected with bank service?
Discussion
§ Divide in two groups?
§ In groups discuss what is better: to save money at home or to take mortgage in bank?
§ Discuss your ideas.
Vocabulary
§ Read and translate new words and expressions using a dictionary.
Дата: 2016-09-30, просмотров: 224.