1. Why do people accept money?
2. What are the functions of money?
3. What are different kinds of money?
4. Whats a barter economy? Why is trading expensive in a barter economy?
5. What does IOU stand for?
Ex. 1.3. Fill in the gaps with the words and expressions form 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.
7. Money is a store of value because it can be used
8. A token money is a means of payment whose as money greatly its cost of production or value in uses other
9. In modern economies, token money by
10. An IOU money is a medium of exchange based on
11. is IOU money because it is a dept of the bank.
Ex. 1.4. Translate into English.
. -, ; . .
. , , ( ), . , , . , , , , , .
, , , , .
Read and translate some additional information on the topic.
Currency
Pounds and Pence, Dollars and Cents
The basic unit of British currency is the pound. One pound is 100 pence. There are eight different British coins: there are one-pence coins, two-pence coins, five-pence coins, ten-pence coins, twenty pence coins and fifty-pence coins. There are also one-pound coins and five-pound notes (of blue colour), ten-pound notes (of orange colour), twenty-pound notes (of violet colour) and fifty-pound notes (rose).
The basic unit of American currency is, of course, the dollar. One dollar is 100 cents. There are five different coins: one-cent coins, five-cent coins, ten-cent coins, twenty five-cent coins and fifty-cent coins (half dollar). There are one-dollar notes, five dollar notes, ten-dollar notes, twenty-dollar notes, fifty-dollar notes and one hundred-dollar notes. All the notes are of the same size and colour.
Note: bill, one-dollar bills, five-dollar bills, etc.
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, Ive gotfive pound s , but Ive got a five-poun d note.
Read and translate the following dialogues.
Dialogue 1
A. Good morning, madam!
B. Good morning! My husband asked my bank in England to transfer $
1,000 to you in my name.
A. Have you got your passport, please? Thank you. Whats the name of
your bank?
B. The Highland Bank, 18, Pickwick Road, Brighton.
A. Just a moment, please. We have received a transfer, but it is in your husbands name. So, Im afraid he will have to come to the bank to collect it.
B. Thats very annoying. I need the money and he isnt available this evening.
A. Im very sorry, madam, but I really cant do anything.
B. Oh, well. Too bad.
Dialogue 2
A. Good morning!
B. Good morning, sir!
A. Ive asked my bank, the First National Bank of New York, to transfer $2,000 to you in my name. Id like to know if the money has arrived.
B. Ill see. Could you give me your passport, please? Thank you. The money has arrived, sir, but Im afraid the passport numbers dont correspond.
A. What does that mean?
B. That means until we receive identification from your bank we cant
pay you. If you like I can send a telex, but Ill have to charge it to
you.
A. Thats all right. How long will it take?
B. We may get an answer either this afternoon or tomorrow morning.
A. Thank you. Ill come tomorrow then. Good bye!
3.2. Make up Dialogue 10 on the topic In the Bank in analogy with two previous dialogues.
