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The Bank and the Money Supply 1




The narrowest measure Ml of the money supply is currency in circulation outside the banking system plus the sight deposits of commercial banks against, which the private sector can write cheques. Thus the money supply is partly a liability of the Bank (currency in private circulation) and partly a liability of commercial banks (checking accounts of the general public).

The Demand for Money

The demand for money is the quantity of liquid assets people are willing to have in hand at any given moment. It depends on the income they gain and the opportunity costs connected with the interest rate. But why do people hold money at all?

Money is a stock. It is the quantity of circulating currency and bank deposits held at any given time. Holding money is not the same as spending money when we buy a meal or go to the cinema. We hold money in order to spend it later.

The distinguishing feature of money is its use as a medium of exchange, for which it must also serve as a store of value. It is in these two functions of money that we must seek the reasons why people wish to hold it.

The Transactions Motive for holding money. In a monetary economy we use money to purchase goods and services and receive money in exchange for the goods and services we sell. Without money, making transactions by direct barter would be costly in time and effort. Holding money economizes on the time and effort involved in undertaking transactions. We need to hold money between receiving payments and making subsequent purchases.

How much money we need to hold depends on two things, the value of the transactions we wish to make and the degree of synchronization of our payments and receipts. We do not know how much $100 will buy until we know the price of goods. If all prices double, we will need to hold twice as much money to make the same transactions as before.

The demand for money is a demand for real money. We need a given amount of real money to undertake a given quantity of total transactions.

 

IV

 

16, 17.

 

I. / - .

II. .

III. The Central Bank and Financial Markets My Future Profession.

IV. .

 

I. . , , , .

MY LONDON

I'mnot a native Londoner, of course, but having lived here for the last 25 years, I certainly regard it as home. I took quite a long time to pack my bag, so I think I could still have chosen London as my Home even if my business wasn't here. London is special for me because there are so many parks and commons where one is able to take a long walk and be surrounded by greenery.

Regent's Park and Hyde Park are two of my favourite places, particularly for early morning walks in spring and summer. I like to go there about six o'clock in the morning when you can see all the wildlife and it's so quiet: all you can hear are the birds singing. At times like that it's really hard to believe that you're in the heart of a big city.

London is also remarkable for its restaurants. I would be prepared to say that it offers the widest range of ethnic cuisine in the world; every nationality under the sun is represented. Some are better than others, obviously, but you can eat extremely well here. However, I do feel that what is missing here is the little bistro. Bibendum in Fulham Road is one of my favourite restaurants, although, of its type, it's a little expensive for most people. The food is always absolutely superb there and if it were slightly cheaper it would be a perfect world!

British food has a bad name because it's been abused by people who don't know how to prepare it, but a good, well-cooked English meal is unbeatable, and that's a real strength at the Connaught where the food is very classical. I like the Connaught for its grandeur. The staff are very polished and attentive, and this is particularly noticeable in the game season when you can see them carving at the table. That's when you get a sense of the artistry of the job they are not simply loading a plate, they are waiters rather than "plate porters".

London is very erudite city; there are so many theatres and museums that it must be a great source of inspiration to visitors who want to learn something. I can't think of any other capital in the world where so much culture is provided at so little cost; most of the museums here have free admission, and theatre tickets, compared with prices charged elsewhere, are still extremely cheap tickets on Broadway must be about double the price. Entertainment is very good value here; I go to Ronnie Scott's some evenings if I'm not too tired and have a drink and listen to the jazz. It's a fantastic place and not overpriced.

I'm very fond of jazz but really I like most music. I also love ballet, so I make sure I get to see the Royal Ballet at Covent Garden once or twice a year. A trip to the ballet would definitely be part of my ideal day in London.

Ive always felt that London is a very safe city and one in which you can wander around quite freely. The architecture here is very solid, nothing frivolous; it gives the impression that it was built for a purpose and not to entertain. But once you get inside, what a wonderful surprise inside is on a par with what you would find in France or Italy, but you would never guess it from the facade. Maybe it's something to do with the famous British reserve!

 

THE SCHOOL-TEACHER

(After A. Cronin)

Three months passed. Little by little Andrew got used to this strange town, surrounded by the mountains, and to the people most of whom worked in the mines. The town was full of mines, factories, churches and small dirty old houses. There was no theatre, not even a cinema the workers could go to after work. But Andrew liked the people. They spoke little and worked much. They liked football, and what was more interesting, they were fond of music, good classical music. He often heard the sound of a piano, coming from this or that house.

It was clear to Andrew now, that Doctor Page would never see a patient again. Manson did all the work, and Mrs. Page received all the money. She paid out to Manson less than one sixth of that - twenty pounds and sixteen shillings a month. Almost all of it Andrew sent to the University to pay his debt. But at that time the question of money was not important to him. He had a few shillings in his pocket to buy cigarettes and he had his work, and that was more than enough for him. He had to work hard and to think much for he saw now that the professors at his University had given him very little to know about practical medicine.

He thought about all that walking in the direction of Riskin Street. There in Number 3 he found a small boy of nine years of age ill with measles.

"I am sorry, Mrs Howells," Andrew said to the boy's mother. "But you must keep Idris home from school1." (Idris was Mrs Howells' other son.)

"But Miss Barlow says he may come to school."

"Oh? Who is Miss Barlow?"

"She is the teacher."

"Miss Barlow has no right to let him come to school when his brother has measles," Andrew said angrily.

Five minutes later he entered a classroom of the school. A very young woman of about twenty or twenty-two was writing something on the blackboard. She turned to him.

"Are you Miss Barlow?"

"Yes." Her large brown eyes were looking at him friendly.

"Are you Doctor Page's new assistant?"

Andrew reddened suddenly.

"Yes," he said, "I'm Doctor Manson. You know Idris' brother has measles and so Idris must not be here."

"Yes, I know, but the family is so poor and Mrs Howells is so busy. If Idris stays at home, he won't get his cup of milk. And, Doctor Manson, most of the children here have had measles already."

"And what about the others? You must send that boy home at once."

"Well, Doctor," she interrupted him suddenly. "Don't you understand that I'm the teacher of this class and here it's my word that counts2?"

"You can't have him here, Miss Barlow. If you don't send him home at once, I'll have to reportyou."

"Then report me, or have me arrested3 if you like." She quickly turned to the class. "Stand up, children, and say: 'Good-bye, Doctor Manson. Thank you for coming.'"

Before Andrew could say a word the door closed quietly in his face4.

 

1 keep from school

2 here its my word that counts .

3 have me arrested

4 in his face .

 

II. :

 

The title of the text is

The author of the text is

This is an abstract (article) from a book (magazine, newspaper)

The main characters are

The story runs about

The main issues discussed are

The things that interested (impressed) me mostly are

I liked (disliked) the story because

The text (story) was easy to read because I read it in Russian (saw the film) / The text (story) was difficult to read because there were many new words and expressions.

 

:

The text is entitled My London. I think this is an abstract from a book. The story runs about the capital of Great Britain, which the narrator regards as his Home though being not a native Londoner. The speaker tells us about parks and restaurants, theatres and museums. He admires greenery, food and culture of the city. We can feel his admiration in every word.

I liked the story, it was interesting to read because it represents informal picture of London rather than traditional dull description of sights which we usually read in text-books.

 

:

The text is entitled The school-teacher. The author of the story is A. Cronin. This is an abstract from a book. The main characters are Doctor Manson and Miss Barlow. The story runs about a measles case in school. The main issues discussed are hard work, distinction between theory and practice, poverty and illness.

The things that impressed me mostly are the love of miners to good classical music and the sounds of a piano which could be heard from this or that house. I didnt like the story because it tells us about sad events. The text was not difficult to read because there are dialogues which are easy to understand.

 

III. , .

 

IV. : 1) ; 2) / ; 3) . 5. 1, . , . 4 : .

 

1.

Market and Command Economies

 

* goods , , ., goods and services. , .

 

economics n 1. ; 2.

economic adj 1. ; 2. ;

economical adj 1. , ; 2.

economist n

economize v ;

economy n ,

command economy ;

free market economy

mixed economy

society n 1. , ; 2. , ,

produce v ,

production n

demand n ; ; ;

demand for smth -.

to be in high / low demand /

good n ,

service n

market n

allocate v (smth to/ in smth, smb) 1. , (-. -., -.); 2. (-. -., -.)

resource (s) n (),

consumption n

through prep ; ;

price n

at high/ low prices / ; /

price for/ of a good ,

plan v

planning n

decision n

to make a decision

rely v (on smb, smth) ( -. -.)

entirely adv ,

government n

intervention n

government intervention

level n

at a certain level

restriction n

(the) former adj ( )

(the) latter adj ( );

regulation n

government regulation

both adj pron , ;

importance n ,

to be of importance , ()

 

Demand and Supply

 

quantity n ; ;

buy (bought [bo:t], bought) v ,

buyer n

demand v (smth) (-.), (-.)

supply n ()

excess supply , ,

supply v ; ;

to supply smb with smth - -

to supply smth to smb - -

sell (sold [sould], sold) v ()

seller ['sela] n

equilibrium n , ,

equilibrium price

producer n ,

consumer n

consume v

shortage n , , ()

raise v ; ;

surplus n ,

reduce v ; ;

reduction n (in smth) , , (-.)

influence v (smth) , ( -.)

influence n ,

income n (), ,

increase n (in smth) , , , (-.)

increase v (), (); ; ()

substitute good - ( , )

substitute n (for smth) (-.)

decrease n (in smth) , , (-.)

decrease v (), (),

complement good - ( , , )

normal good

inferior good

rise (rose [rouz], risen) v ; ;

fall (fell [fel], fallen) v ; ;

technology n ,

input n , , ,

input price ,

improvement n ,

improve v (), ()

impose v (on, upon) , (, -.), (, ); ( -.); (-.)

private ; ;

 

Theory of Demand

 

consumer demand

particular adj , ,

vary v , ,

constant adj , ;

that is

relationship n ; ;

assume v ,

assumption n ,

number n ,

a number of ,

budget constraint ( , )

budget n

maximum n , ,

maximize v , ,

maximization n

utility [ju:'tiliti] n

marginal utility () ( , )

prefer v (smth to smth) (-. -.),

obtain v ,

rather than ...; (-, - )

choice n ,

choose (chose, chosen) v ;

provided cj provided that , ,

maintain v ,

follow v (smb/smth) ( -., -.), (-.), (-.)

within prep , ,

additional adj ,

unit n

per [(:)] prep , ( , )

per capita, per head ,

expenditure n ; ,

result in v (smth) (-.), (-.)

market demand , ; ,

depend [di'pend] v (on, upon) ();

affect v (smth) , ( -.)

 

Theory of Supply

output n ;

profit n ,

in terms of ; ; ;

in terms of money

revenue n

marginal revenue , ( , )

costs n ,

marginal costs , ( )

opportunity costs (, )

earn v ; ;

expenses n ,

use v , ;

use n 1. , ; 2.

include v (smth in smth) (-. -.);

to be included in smth -., -.

commodity n ; ,

amount n ; ; ;

alternative adj ;

elsewhere adv -

in particular ,

own v , ,

own adj ,

owner n 1. ; 2.

run (ran, run) v (smth) ; (, ); ()

business n ;

receive v

total adj ;

corresponding adj ;

offer v (smth to smb) (-. -.)

 

Factors of Production: Capital and Labour

 

as follows ;

following adj ; ,

capital n

physical capital ( , , )

financial capital ( , )

human capital ( , , )

fixed capital (, , .. , , , -)

circulating capital ( , )

labour n

labour force ; pl ; ; (. )

natural adj ,

natural resources

nature n

to vary with ;

to vary from... to... , ( , ... ...)

variety n

a variety of (factors) , ()

various adj , ;

purpose n ,

for this purpose

equipment n

raw materials

raw adj ,

available adj , ; (to smb) (-.)

availability n

contribution n (to smth) ( -.)

to make a contribution to science ( )

contribute v (to smth) ( -.); , (-.)

means of production

machinery n ;

durable adj

durable goods ()

durables n

production process

fuel n ,

require v (smth) ( -), (-.)

required adj

requirement n ; ,

to meet the requirements ;

wage (s) pl





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