II. , :
Granted, convenience, monetary, commodity, money, direct, inventions, barter, valuation.
1. Money is one of mans greatest
2. In the absence of some form of money, exchange may take the form of
3. If a is generally acceptable in exchanging for goods and services, it is
4. Such exchanges are taken for
5. The of goods for goods would raise all sorts of problems regarding
6. It is a great to hold wealth in the form of money.
7. A complex trading organisation based upon a system of credit can only operate in an economy.
III. :
Means, form, tool, frustrating, obtain, useless, need, instrument, shape, get, medium, commodity, general, require, labour, store, common, article, work, stock, deteriorate, significant, spoil, essential, apparent, conduct, purchase, evident, carry out, buy.
IV. :
Absence, increase, major, spread, presence, same, reduce, minor, accumulate, different.
V. , :
Direct, adequately, advantage, efficient, convenience, acceptable, likely.
VI. :
, , , , , , , , , , , , , .
VII. 3 :
Take, prove, become, seek, need, find, set, spend, make, come, raise, give, store, fall, pay, spread, do.
VIII. , :
1) One, money, is, mans, inventions, greatest, of.
2) Is, it, tool, essential, of, an, civilisation.
3) Take, the, exchange, of, may, barter, form.
4) Will, barter, requirements, quite, mans adequately, serve.
5) Barter, the, system, very, and, inefficient, proves, frustrating.
6) System, very, becomes, exchange, of, cumbersome, this.
7) Upon, a, depends, it, coincidence, wants, of, double.
8) Discovered, a, arrangement, man, more, much, convenient.
9) Removes, the, it, of, the, barter, major, system, difficulty.
10) Exchanges, are, such, for, granted, taken.
11) Would, be, they, without, inconvenient, use, of, the, money.
12) Is, problem, exchange, the, rates, solved, of, easily.
13) Is, to, deferred, it, serve, payment, means, a, as, of.
IX. :
1) Monetary policy is concerned with the cost money.
2) Bank-notes and coins are not the most important form money developed economies.
3) Cheques didnt come general use the second half of the seventeenth century.
4) A payment from one person another merely requires that the banker reduces the amount one deposit and increases it another.
5) The transmission payments means cheques creates problems when the person making the payment has an account a different bank the person receiving the payment.
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6) Most countries have a central bank, which is responsible the operation the banking system.
7) Several merchant banks date back the nineteenth century.
8) recent years there has been a considerable extension the range financial services offered building societies.
X. :
1) In the absence of some form of money, exchange may take the form of barter.
2) As the extent of specialisation increases, the barter system proves very inefficient.
3) A specialist metal worker must seek out a large number of other specialists in order to obtain, by barter, the variety of goods he needs.
4) The alternative is to change his skins for some other article.
5) The use of money makes possible a great extension of the principle of specialisation.
6) The use of money allows us to exchange hours of labour for an amazing variety of goods and services.
7) The direct exchange of goods for goods would raise all sorts of problems regarding valuation.
8) The problem of exchange rates is easily solved when all other commodities are valued in terms of a single commodity.
9) It is a great convenience to hold wealth in the form of money.
10) The money value of wealth may fall when it is being stored.
XI. , , :
1) Exchange may (to take) the form of barter, which (to be) to direct exchange of goods and services for goods and services.
2) Barter (to serve) mans requirements quite adequately when he (to provide) most of the needs directly and (to rely upon) market exchanges for very few of the things he (to want).
3) As the extent of specialisation (to increase) the barter system (to prove) inefficient.
4) In the simplest societies each family (to provide) by its own efforts most of its needs.
5) This system of exchange (to become) very cumbersome as economic activities 9to become) more specialised.
6) A specialist metal worker must (to seek out) a large number of other spacialists in order (to obtain), by barter, the variety of goods he needs (to satisfy) his daily wants.
7) The great disadvantage of barter (to be) the fact that it (to depend upon) a double coincidence of wants.
8) A hunter who (to want) (to exchange) his skins for corn must (to find), not merely a person who (to want) skins, but someone who (to want) skins and (to have) a surplus of corn for disposal.
XII. :
1) What is barter?
2) When may exchange take the form of barter?
3) When is barter inefficient and frustrating?
4) What are the main functions of money?
5) Why has it become unprofitable to hold wealth in the form of money in recent years?
6) Why is money a perfect means of deferred payments?
7) How does a complex trading organisation operate in a monetary economy?
