the means of payment
medium of exchange
a standard of value
a unit of account
a store of value
a standard ofdeferred payment
subsequentl
a bartereconomy
to swap (also swop; syn. to exchange, to barter)
tohand over in exchange
a double coincidence of wants
a monetary unit
to remind of
to be worthless
an interest-bearing bank account
to pay interest
to erode .
hard currency ()
soft currency
invariably ,
commodity money
token money () inch (2,54 ) to melt down
tiny costs
legal tender
to supplement
IOU money (I Owe You) ;
a bank deposit
Give Russian equivalents to the following:
1. exchange labour services for money;
2. You must hand over in exchange a good or service;
3. a double coincidence of wants;
4. spend a lot of time and effort;
5. make mutually satisfactory swaps;
6. a barter economy is wasteful;
7. commodity generally accepted in payment for goods;
8. prices are quoted and accounts are kept;
9. its purchasing power is eroded by inflation;
10. it's usually but not invariably convenient;
11. cut back on other uses;
12. exceeds its cost of production;
13. by collectively agreeing;
14. the survival of token money;
15. society enforces the use of token money;
16. token money is supplemented by IOUmoney;
17. interest-bearing bank accounts
Replace the parts in italics by synonyms:
sometimes payment can be put off till later;
the vital feature of money;
its purchasing power is worn away;
the money is without value;
it is not always convenient;
time and effort are rare resources;
private production of money is against the law.
Find the opposites to the following words and expressions:
take away; reject; planned event; in a minor way; increase; is less than; separately; very large; be under no compulsion to; public
Fill in the gaps with the words and expressions from the text:
1. The crucial feature of money is its acceptance as... or....
2. People buy and sell goods... for money.
3. In a barter economy goods are traded directly or... other goods.
4. People must spend a lot of... finding others with whom they can make mutually
5. Society considers it convenient to use... to determine... of different goods and services.
6. The unit of account is the unit in which prices are... and... are kept.
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7. Money is a store of value because it can be used....
8. When you borrow, the amount to be repaid next year is measured in....
9. To use a commodity money, society must either... other uses of that commodity or devote... to producing... of the commodity.
10. A token money is a means of payment whose... as money greatly... its cost of production or value in uses other,...
11. By , society economizes on the scarce resources required to produce money as....
12. The essential condition for the survival of token money is... to supply it.
13. Society enforces the use of token money by making it....
14. In modern economies, token money... by....
15. An IOU monev is a medium of exchange based on....
16.... is IOU money because it is a debt of the bank
Find English equivalents for the following:
1. ;
2. ; ;
3. ( );
4. ;
5. ;
6. ;
7. ;
8. ;
9. ;
10. ;
11. ;
12. ;
13. ;
14. ;
15. ;
16. ;
17. ( );
18. ;
19. ;
20. ;
21. ;
22. ;
23. .
Answer the questions:
1. Why do people accept money?
2. What are the functions of money.
3. What are different kinds of money.
4. What's a barter economy? Why is trading expensive in a barter economy?
5. What does IOU stand for?
Translate into English:
. - , , ; . .
.
. , , (), . , , . , , , , , .
, , , , , .
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