Imagine that you are a vice-president of the bank. Think, please, what can you do with money and describe the situation of using money. Use the scheme.

 

Money held in trust гроші, які знаходяться у довірчому управлінні

Money in circulation гроші у обігу

To borrow/change/create money позичати/ міняти/ створювати гроші

To draw money from an account знімати гроші з рахунку

To raise money знаходити гроші

To redeem money вилучати гроші з обігу

To refund money відшкодовувати гроші

To remit money переводити гроші

To withdraw money вилучати гроші

 

 

14. a) Fill in each gap with a suitable word from the box.

b) Sum up the text in 5-7 sentences and present your summary in class.

coin	known	invented	handle
forms	small	using	big
used	objects		instruments
called	assets

What Is Money?

Money is an asset that serves as a means of payment, a store of value, and a unit of account. Money was…… a long time ago.Gold and silver coins are the best……form of money.

They have the longest history and have been more widely accepted as payment than any other form of commodity money.

The popularity and universal acceptability of……..money is easy to understand. Coins are solid, attractive, hard-wearing and easy to ……. In addition to the qualities mentioned above, coins can be produced in ……..and ……denominations.

Societies ….. gold and silver have used other …… as money, including shells, beads and pelts. Anything can serve as that is easily recognized, widely accepted, and not easily copied. Gold, shells, and pelts are no longer used as money in the majority of countries.

Today two kinds of financial……..serve as money: currency (coins and bills) and checking deposits at banks and thrift institutions.

Currency plus checking deposits at banks and thrifts is often…… Ml. The money that includes balances in money market funds, savings deposits in banks and thrifts and certain other liquid…….. is called M2.

Along with coins, paper currency, and checking deposits, "plastic money" is widely……….today. Plastic money" comes in two…… - credit cards and debit cards.

Words you may need:

asset n (зд.) інструмент

means of payment n засіб сплати

store of value засіб збереження

unit of account розрахункова одиниця

commodity money товар посередник у ролі грошей (наприклад, сіль, хутро)

solid adj (зд.) міцний

hard-wearing adj який не зношується

denomination n вартість (грошей)

shell n раковина

bead n бусина

pelt n шкіра

checking deposit вклад на поточному рахунку

Ml грошовий агрегат Ml

М2 грошовий агрегат М2

Grammar exercises

Define the function of the verb “to have” in the following sentences and translate them.

1. Money enables us to have the things we need to survive.

2. Money has not always been the coin and paper bills known to us.

3. Through out history various things of value have been used as money.

4. The carpenter doesn’t have to build a step for the grocer every time he wants a carton of milk.

 

Translate the following sentences paying attention to the Modal verbs.

1. The consumer has to decide by how much the good A is preferred to the good B.

2. A great increase in the supply of money in the form of bank notes and bank credit is to result in inflation, that is, a rise in the general level of prices.

3. If prices change, the consumer will have to change the quantities de­manded if he is to maintain utility at the same level.

4. Not all partners in a firm must take an active part in management.

5. The economist should be able to say which factors affect the allocation of resources for producing a particular good.

6. He ought to take a more active part in decision making on the exports strategy of the company.

7. Provided additional inputs are to be obtained, producers must have smaller risks of a fall of price between the time of making a decision and the time of selling their products.

8. Having the aim to maximize profit, the producer should make a deci­sion how to reduce inputs.