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LANGUAGE SKILLS
Ex.11. Ask questions to which the following may be answers.
1. Money overcomes the problems of a barter system and the need for a coincidence of wants.
2. Bartering doesnt suit the needs of a modern, diversified economy, even though some bartering still goes on in the world today.
3. Money makes it easier to trade, borrow, save, and invest. It brings simplicity and organisation to our economy.
4. A credit or debit card is not money. They are both payment mechanisms by which we access money in a more convenient way.
5. Money can be any good or token that functions as a medium of exchange, a measure of value and a store of value.
6. The earliest forms of money were commodities, such as cattle and grain, furs and skins, iron and bronze, silver and gold and more.
7. The first banknotes were used in China in the 7th century. In Europe, the first banknotes were issued by Stockholm Bank in 1661.
8. The general characteristics of money in a modern economy include acceptability, portability, divisibility, durability and others.
9. The only civilization that functioned successfully without money was that of the Incas.
Ex.12. Answer the following questions.
1. What is barter?
2. What are the problems with barter?
3. What are the advantages of using money over bartering?
4. Who is generally acknowledged as the inventor of money? Alexander the Great? King Solomon? Somebody else?
5. What is commodity money? Give examples.
6. What problems occur when using commodity money?
7. What is money? How can you define it?
8. What are the functions of money?
9. What are the main characteristics of modern money?
10. What forms of money are there?
11. Whats the difference between representative money and fiat money?
12. Why do people willingly accept money?
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13. Why cant money be a good store of value in the time of political instability and inflation?
14. How does the invention of money affect the trading process?
15. Do you agree that money is the keystone of the economic life? Why?
Ex.13. Choose the best variant from a, b, to complete the statements. Explain your choice.
1. Money is ______________.
a) the same as income.
b) the value of all coins and currency in circulation at any time.
c) anything generally accepted as a final payment for goods and services.
2. As a store of value, money _____________.
a) is not affected by inflation.
b) is easily stored until some future time.
c) simplifies the process of trading
Define which is odd.
1. Money serves as _____________.
a) a medium of exchange.
b) a unit of account.
c) a shelter of value.
d) a store of value.
2. Modern money is _____________.
a) portable
b) divisible
c) durable
d) easy in duplication
e) recognisable and willingly acceptable.
Ex.14. Read one of the versions regarding the origin of the word money and reproduce it in English.
Moneta, a name related to the goddess Juno
, money (Juno Moneta). , , . (the Romans) , . , moneo . , , ' . ' , (mint) , , , . .
, moneo money, moneta - mint.
Ex. 15. Make a presentation of the topic Money.
Writing
