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1. Read and memorize the following words:

money [mʌni] деньги e.g. Money has various uses in the modern world.

price [prais] цена e.g. Every man has his price.

value ['vælju:] ценность e.g. Money is a measure of the value of goods and services.

wage [weiʤ] заработная плата e.g. Wage is a payment received at regular intervals for work or services.

fee [fi:] гонорар e.g. Fee is a payment for professional advice or services.

exchange [iks'ʧen(d)ʒ] обмен; обменивать e.g. What are the operating hours of the currency exchange office?

relations [ri`leiʃәnz] отношения e.g. We are willing to establish long-term economic relations with your country.

cooperation [ко (u) орәreiʃn] сотрудничество e.g. In what way is cooperation with Ukraine arranged?

activity [æk'tiviti] деятельность e.g. We are interested in foreign economic activity.

partner [ 'pa: tnә] партнер e.g. We have had many opportunities to see that your firm is a reliable partner.

credit [ 'kredit] кредит e.g. On what terms does this bank grant credits?

offer [ 'ofә] предложение e.g. Let's discuss some points of your offer.

negotiation [ni, gouʃieiʃn] переговоры

e.g. We have successfully conducted our negotiations.

cheque [ʧek] чек

e.g. A cheque is a written order to a bank given and signed by someone.

coin [ 'koin] монета

banknote [ 'bæŋknout] кредитный билет, банкнота

e.g. Banknotes are printed on paper.

3. Learn the following word-combinations:

(to) sell things         продавать вещи

(to) buy things         покупать вещи

(to) keep money         хранить деньги

(to) put money         вкладывать деньги

means of storing up     средство накопления

(to) be heavy with orders иметь много заказов

(to) clarify some details         выяснять некоторые детали

a repeat order               повторный заказ

(to) settle prices           договориться о ценах

manufacturing plant     завод-производитель

to establish trade contacts установить торговые контакты

barter economy         бартерная экономика

(to) deal with a bank     пользоваться услугами банка

Recipient country                  страна, получающая помощь

aid-giving country                 страна, оказывающая помощь


4. Make up sentences:

                    the root of all evil.

                               a measure of the value of goods.

is      a means of exchanging goods.

Money                     the guarantee of security.

has     a way to store up buying power.

                                     various uses in the modern world.

                                good and bad points.

                                     some very serious disadvantages.

5. Fill in the blanks with the necessary words:

1. Synthetic materials have become cheaper, since the ,.. of production are lower now. (value, cost, price) 2. Sometimes it is easy to make plans but difficult ... them, (to find, to show, to carry out) 3. The money which he ... from his.parents did not arrive, (expected, respected, avoided) 4. It is obvious that a primitive system of exchanging goods for goods cannot ... the needs of a highly developed economic system, (satisfy, occupy, justify) 5. He was known for his ... to solve most complicated problems very quickly, (opportunity, ability, difficulty)

6. Compose questions and let your fellow-studentsanswer them:

Price                        a place where people meet to buy and sell goods

Money                     money for which a thing is bought or sold

Cost           is   a particular type of money used in a state 

Market                quantity of something given in return for the money paid

Currency                      a measure of the value of goods    

Purchase               a price to be paid for a thing

7. Complete the following sentences:

1. Has money various ... ? 2. Money is a means of ... . 3. By means of money things can be ... . 4. Time is ... . 5. Money is the root ....

7. TranslateintoEnglish:

1. Прямой обмен товарами невозможен в развитом обществе. 2. Для того чтобы развивалась торговля, должны существовать деньги. 3. Покупательная способность денег в наше время очень быстро меняется. 4. Мы успешно провели переговоры по этому вопросу. 5. Монеты изготовляют из разных металлов.


8. Read and retell the text:


In the modern world money has various uses. For selling and buying things, all modern people use money. Money gives us a useful means of measuring the value of things. Money is also of very great use as a means of exchanging goods and services. Money is a way to store up buying power that one can use later. If we consider money as a means of storing up buying power, it has good and bad points. Money can more easily be kept for a long time than such things as food, buildings and machines. Food spoils, buildings fall to pieces and machines rust. Money takes up very little space and if we want we may put it in a bank.

But modern money has some very serious disadvantages if we use it as a means of storing up buying power. In earlier times when money was in the form of gold and silver coins, the metal in each was really worth the amount stamped on the coin. But the paper in modern paper money is worth much less than the amount written on it. In a short time the buying power of modern money can change very greatly and because of that, some people are doubtful about the wisdom of saving moneу.


9. Read and dramatize the following dialogues:

A: I wish I had more pocket money. What you are giving me is laughable.

B: Is it? We are giving you what we can. If you want more, you can work during your summer holiday.


A: Cheer up, John. You do look so down. What's the matter?

B: I've had a talk with Dad about buying a new stereo recorder on hire-purchase. He says I can't buy it.

A: Poor John! I do feel for you, I really do. But what does he actually say? Why is he against it?

B: Oh, he says he will not sign as a guarantor for me. At least not till we have paid for the TV. And that's another six months.

A: Well, cheer up! It's not the end of the world! Six months is not a very long time to wait.


A: Here's the bank. When does it close?

B: It closes at half past three. Some banks aren't closed until six o'clock on Thursdays, but not this bank. Now look for the foreign exchange counter.

A: These are the paying-in counters. Is that the foreign exchange counter?

B: No, it isn't. That's inquiries. This is the foreign exchange counter. Change your Swiss money first.

A: I can't change my money.

B: Yes, you can.

A: No, I can't.

B: Why not?


A: Because I haven't got it. It's in my blue handbag. There's

nothing in this handbag. B: Oh, we can't go back to the hotel again. It's late ... but don't worry.

A: Can I change it tomorrow?

B: Yes, you can.


A: Can I help you, sir?

B: Yes, I'd like to open a savings account.

A: Certainly, sir. We'll have to fill some forms. Could I have your name, please? B: It's Brown, Nick Brown.

A: How do you spell your last name, Mr Brown? 

B: It's B-r-o-w-n.

A: And where do you' live?

B: 2418 Grey stone Road. A: Is that in Chicago?

 B: Yes, that's right.

A: And your zip code?

 B: 60602.

A: What's your telephone number?

 B: 364-9758. A: And your occupation?

B: I'm a salesman.

A: I see. What's the name of your employer?

 B: I work for IBM. A: Fine. Just a minute, please.


10. Make up your own dialogues using the followingexpressions:

metal money, currency, to earn money, to spend money, to borrow money, to open a savings account, to fill out some forms, name, telephone number, salary, to pay monthly.


11. Read and retell the text:


Money is used for buying or selling goods, for measuring value and for storing wealth. Almost every society now has a money economy based on coins and paper bills of one kind or another. However, this has not always been true. In primitive societies a system of barter was used. Barter was a system of direct exchange of goods. Somebody could exchange a sheep, for example, for anything in the marketplace that they considered to be of equal value. Barter, however, was a very unsatisfactory system, because people's precise needs seldom coincided. People needed more practical system of exchange, and various money systems developed based on goods which the members of a society recognized as having value. Cattle, grain, teeth, shells, feathers, skulls, salt, elephant tusks and tobacco have all been used. Precious metals gradually took over because, when made into coins, they were portable, durable, recognizable and divisible into larger and smaller units of value. A coin is a piece of metal, usually, disk-shaped, which bears lettering, designs or numbers showing its value. Until the eighteenth and nineteenth centuries, coins were given monetary worth based on the exact amount of metal contained in them, but most modern coins are based on face value — the value that governments choose to give them, irrespective of the actual metal content. Most governments now issue paper money in the form of bills, which are really "promises to pay". Paper money is obviously easier to handle and much more convenient in the modern world. Checks and credit cards are being used increasingly, and it is possible to imagine a world where "money" in the form of coins and paper currency will no longer be used.

storing wealth— накопление богатства

precise needs— конкретные потребности

elephant tusk — бивень слона

precious— драгоценный

divisible — делимый

lettering — тиснение

amount — количество, сумма

face value — номинальная стоимость

obviously — ясно, очевидно

12. TranslateintoEnglish :

для определения стоимости, денежная экономика, базирующаяся на монетах и бумажных банкнотах, в первобытных обществах, более практичная система обмена, драгоценные металлы, независимо от фактического содержания металла, выпускать бумажные деньги, обещания оплаты. Бартер был системой прямых обменов товаров. Монета - это кусок металла. Стоимость большинства современных монет обусловлена их номинальной стоимости. Чеки и кредитные карточки используют все чаще. 

13. Answer the questions below:

1. What is money used for?

2. What is money economy based on?

3. What system instead of money was used in primitive societies?

4. Why was barter a very unsatisfactory system of exchange?

5. In what form do most governments issue paper money now?

6. What kinds of money are being used increasingly?


14. Test yourself:

1. What is modern money economy based on?

a. Barter deals.

b. Coins and paper bills.

c. Exchange of goods.

d. Precious metals.

2. What system was used in primitive society?

a. Exchange of cattle was used in primitive society.

b. Barter system.

c. Exchange of salt gold and silver.

d. System of coins.

3. Why was barter a very unsatisfactory system of exchange?

a. Because the society recognized shells as having some value.

b. It was not easy to exchange a sheep for a cow.

c. Cattle couldn’t be divided into smaller units of value.

d. Because people’s needs seldom coincided.

4. Why did precious metals gradually take over?

a. When made into coins they were portable, durable, divisible.

b. Because goods became cheaper.

c. Because coins were disc-shaped.

d. Because the numbers on coins showed their value.

5. How was monetary worth given to coins?

a. By the amount of salt that could be bought by a coin.

b. By their shape.

c. By the amount of mental contained in them.

d. By the picture on the coin.

6. In what form do most governments issue paper money now?

a. In the form of dollars.

b. In the form of bills.

c. In the form of karbovantsy.

d. In the form of pounds.

7. What kinds of money are being used increasingly?

a. Bills.

b. Dollars.

c. Disc-shaped coins.

d. Checks.

8. What is the system of direct exchange of goods called?

a. Market.

b. Selling.

c. Barter.

d. Buying.

9. What can we measure value with?

a. Money.

b. Precious metals.

c. Checks.

d. Elephant tusks.

10. What is face value of the coin?

a. The value of the coin which depends upon the portrait on it.

b. The value based on the amount of metal in the coin.

c. The coin is made of gold which is worth one dollar.

d. The value that government chooses to give a coin.


15. Read and translate the text, find in the text English equivalents of words and word combinations given below:

Money in Our Life

goal-oriented - целеустремленный

confident - уверенный

contend - утверждать

outgrowth - следствие

correlation - соотношение

affluent - богатый

profoundly - глубоко

technical gadgets – технические приборы

mint – монетный двор

What money really means for people? Some people think that money makes us independent, well organized, goal-oriented and confident. The vast majority believes that the purpose of work| is tо pay for their other interests. Others contend that their success is an outgrowth of their inner happiness. And only small group of people say that they are happy because they are successful.

Psychological and sociological research has shown that once basic needs are met, money has a very low correlation with happiness. Even the joy you'd feel if you won the lottery would last only a few months. Most of people acknowledge that having more money means having fewer problems. People at the top of income pyramid rarely consider themselves affluent and certainly not wealthy. "Middle income" or "comfortable" are the two most common labels we hear.

A lifestyle that includes most of the things we want is profoundly richer than 10 years ago. Our houses are bigger, we own more technical gadgets, we eat out more often and we are more likely to travel. In the world where nearly a billion people don't eat three meals a day, it seems almost absurd to suggest that the word wealthy does not apply.

All values in the economic system are measured in terms of money. Our goods and services are sold for money and that money is in turn exchanged for other goods and services. Originally, a valuable metal (gold, silver or copper) served as a constant store of value. The first coins weren't round like the coins of today. People first used round coins in Turkey about 2,700 years ago. Banknotes were firstly used in China in about the year 800. Today we use both coins and banknotes: coins are for small amounts and banknotes are for bigger amounts. Factories called "mints" make coins and bank notes. The first bank opened in Italy in 1171, since then banks have opened in cities and towns throughout the world.

Today many people use credit cards to pay for things. Valuable metal has generally been replaced by paper notes. Personal finance depends on the state of the economy, on your age, on your willingness to tolerate risk, on the nature of your goals.

Означать, независимый, цель, успех, следствие, счастье, исследования, радость, доход, признавать, богатый, ярлык, уровень жизни, приспособления, есть не дома, намекать, ценность, измерять, товары, услуги, ценные металлы, золото.

16. Read and translate the text

Using Scarce Resources

Tim Taylor has just moved into an apartment to live on his own for the first time. Although he is going to a vocational school full-time, he works 20 hours a week as a cashier in a drugstore. Each month his parents send him a certain amount of money. As a result, Tim knows exactly what his income will be for the month. To help him use that income in the most efficient way possible, Tim makes a budget at the beginning of each month. He writes down the amount of money he will spend on food, rent, clothing, and such flexible expenses as recreation. He then tries to follow this budget during the month. Tim also practices good consumer buying principles. For example, when he shops for food, Tim first, reads the food ads in the local newspaper to find which supermarket in his immediate area has the items he wants at the lower prices. He also clips out cents-off coupons to use as he shops. Tim stocks up on bread, noodles, rice, and canned goods if they are on sale. He has learned enough about nutrition not to spend his food dollars on snacks and convenience foods.

But when studying for a test, Tim does buy convenience foods. He feels the time cost of preparing a regular meal is too high then. His clothing decisions are easier. Tim buys washable jeans only. He has decided not to buy more stylish clothes until he is out of school and making a better income, Tim's recreation expenses are small. He uses comparison shopping there, too. For example, he finds out which theaters offer reduced rates for early evening movies.

17. Find English equivalents in the text:

Переезжать, квартира, жить самостоятельно, сумма денег, доход, эффективно, плата за жилье, гибкие расходы, отдых, принципы хорошого покупателя, реклама продуктов, купоны на скидку, консервы, питание, закуски и полуфабрикаты, готовиться к экзаменам, лучшей доход, расходы на отдых, сравнение, льготные тарифы.

18. Answer the questions:

1. What has Tim Taylor just done?

2. What does Tim Taylor do in his life?

3. What do his parents send him each month?

4. What does Tim make at the beginning of each month?

5. What amount of money does he write down?

6. What doesTim practice?

7. Why does Tim read the food ads in the local newspaper?

8. What does Tim stock up?

9. What does Tim buy when studying for a test?

10. What are his clothing decisions?

11. What are Tim's recreation expenses?


1. Learn new words, read and translate the text:

to be concerned – быть связанным

effort - попытка, усилие

prevent - предотвращать

allocate - распределять

originate - возникать

current account – текущий счет

profit - прибыль, выгода


Banks are closely concerned with the flow of money into and out of the economy. They often co-operate with governments in efforts to stabilize economies and to prevent inflation. They are specialists in the business of providing capital, and in allocating funds on credit. Banks originated as places to which people took their valuables for safe-keeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions.

Banks normally receive money from their customers in two distinct forms: on current account, and on deposit account. With a current account, a customer can issue personal cheques. No interest is paid by the bank on this type of account. With a deposit account, however, the customer undertakes to leave his money in the bank for a minimum specified period of time. Interest is paid on this money.

The bank in turn lends the deposited money to customers who heed capital. This activity earns interest for the bank, and this interest is almost always at a higher rate than any interest which the bank pays to its depositors. In this way the bank makes its main profits.

2. Answer the questions:

1. In what way do banks co-operate with government?

2. What was the original function of a bank?

3. In what two ways do banks receive money from their customers?

4. How does the bank make its main profit?

3. As you know, banks focus their work on money and financial services. What do you think banks do with their money? Read more information about banks:

Types of banks

There are two types of banks: commercial banks and investment banks – or merchant banks as they are called in Great Britain. Commercial banks deal mainly with individual customers, for instance, private citizens, small businesses, and such like. They receive and hold deposits, lend money, exchange foreign currencies, advise their customers how to invest their money, and manage the customers' accounts (for instance, pay or invest money according to the customer's wishes). Commercial banks make their profit from the difference between the interest that they pay to people who deposit money and the interest they charge to people who borrow money. This difference is called a margin.

Investment banks deal mainly with rich corporate clients (companies or large firms) or rich individual clients. They aim not so much at lending money but at raising funds for industry (their corporate clients) in different financial markets. Therefore, investment banks act mainly as intermediaries for their customers. They do not themselves make loans, but make their profits from fees paid for their services. Merchant banks in Britain do the same, but they have greater authority because they also offer loans themselves. They finance international trade, deal with mergers, and issue government bonds.

In recent times the difference between commercial and investment banks has been slowly disappearing as the so-called "financial supermarkets" replace them. These are a combination of a commercial bank, an investment bank, and an insurance company, offering the full range of financial services.

Whether depositing or borrowing money, a customer is most interested in the bank's interest rate. The minimum interest rate within a certain country is usually determined by the central bank, and the interest rates offered by other banks sometimes fluctuate slightly from time to time, and are publicly advertised by any bank. They are always either higher than or equal to the minimum interest rate fixed for that country.


4. Find words or word combinations in the text that mean the following:

a) when one company unites with another company and they make a single company;

b) a combination of a commercial bank, an investment bank, and an insurance company offering different financial services;

c) a client of a bank that is a whole company or a large firm;

d) money put in a bank;

e) percentage of money paid by a bank to people who deposited their money with it; percentage of the loan paid to the bank by people who borrowed money from the bank;

f) to get money for some project (usually through an intermediary);

g) money charged by a bank for its services;

h) the money that is used in various countries;

i) a document issued by a government indicating that the money was borrowed and the government promises to give it back with interest to the holder of the document.

5. Read and retell the text:

Banking in Britain

There are several different types of banks in Britain, but the most important for everyday business are the clearing banks, often called High Street banks. The biggest are the National Westminster, Barclay, Lloyd’s and the Midland. You can usually find at least one branch of these in small towns, and several branches in larger towns. Banks hours are 9.00 – 3.30.

The banks provide a wide range of services:

Current accounts.These are for day-to-day dealings. A cheque book and cheque guarantee card are provided, as well as a cash card for withdrawing money from electronic cash point machines outside banking hours. Interest is sometimes paid on these accounts.

Deposit accounts.For those who wish to save money, regular, fixed interest is paid on savings.

Foreign exchange.Most banks have sections which buy and sell foreign currency and travelers cheques.

Loans.Banks provide loans for cars, furniture, holidays, est., and the client must pay interest of these loans. Special loans for buying houses called “mortgages” are also arranged.

Other services.Banks usually provide specialist services, such as investment advice, buying and selling shares for customers, insurance, and standing orders for paying bills, such as electricity, water and credit cards.

Building societies, which used to provide deposit accounts and mortgages for people wishing to buy houses, are now competing with the High Street Banks, and offer a full range of banking services.



6. Answer the questions:

1. Which banks are the most important for everyday business?

2. Which are the biggest banks in Britain?

3. Is interest paid on current accounts?

4. Where can you exchange your foreign currency?

5. How can a client receive a loan from the bank?

6. Which specialist services are provided by banks?

7. What do you think “a standing order” means?


1. Read and translate the text:

What Is International Trade?

When Honduras exports bananas to Switzerland, they can use the money they earn to import Swiss chocolate — or to pay for Kuwaiti oil or a vacation in Hawaii. The basic idea of international trade and investment is simple: each country produces goods or services that can be either consumed at home or exported to other countries.

The main difference between domestic trade and international trade is the use of foreign currencies to pay for the goods and services crossing international borders. Although global trade is often added up in U.S. dollars, the trading itself involves various currencies. Japanese videocassette recorder is paid for in German marks in Berlin, and German cars are paid for in U.S. dollars in Boston. Indian tea, Brazilian coffee, and American films are sold around the world in currencies as diverse as Turkish liras and Mexican pesos.

Whenever a country imports or exports goods and services, there is I resulting flow of funds: money returns to the exporting nation, and money flows out of the importing nation. Trade and investment is a two-way street, and with a minimum of trade barriers, international trade and investment usually makes everyone better off.

In a interlinked global economy, consumers are given the opportunity to buy the best products at the best prices. By opening up markets, a government allows its citizens to produce and export those things they are best at and to import the rest, choosing from whatever the world has to offer.

Some trade barriers will always exist as long as any two countries have different sets of laws. However, when a country decides to protect its economy by erecting artificial trade barriers, the result is often damaging to everyone, including those people whose barriers were meant to protect.

The Great Depression of the 1930s, for example, spread around the world when the United States decided to erect trade barriers to protect local producers. As other countries retaliated, trade plumpered, jobs were lost, and the world entered into a long period of economic decline.



2. Answer the questions:

1. What is the basic idea of international trade?

2. What is the main difference between domestic and international trade?

3. How can you consider trade barriers?

4. What is the difference between trade and investment?

5. What were the sequences of the Great Depression of the 1930s?

3. Read and translate the text. Write down a plan of the text.

Trade Between Nations

particular jobs - определенныевидыработы

thrive - процветать

guild - гильдия

craft ремесло

lower - снижать

spring up - подскакивать

cumbersome - обременительный

You often hear it said that this is the age of specialization. People devote themselves entirely to particular jobs, so perhaps your father makes shoes, a next door neighbor may turn out a small but important part of automobile, while your uncle may own a farm and raise fresh lettuce, radishes and onions for the city.

Division of labor first began to appear in Europe during the fourteenth and fifteenth centuries. In this period, towns and cities were growing, and goods formerly produced on big estates or tiny farms were made in town and sold. Trade began to thrive between country and town, between towns and even between countries.

Workers' guilds came into existence and grew rapidly. First came the merchant guilds, which devoted themselves to trade. One merchant sold meat, another cloth and so on. Then craft guilds were created, each specializing in the making of some one product, as boots and shoes, bakery goods, cloth or iron products.

As trade and commerce grew, so did the demand for goods, and soon producers were looking for new and speedier ways to create them. This brought about the Industrial Revolution of the eighteenth and nineteenth centuries. As we know, machines were invented to do the work of many men and do it much more efficiently. Steam took the place of man power and animal power. Labor was divided still further. Instead of making a pair of shoes from start to finish, a man tended a machine that turned out a single part of the shoes very fast. This lowered the cost of the shoes still further. Lower costs meant lower prices. Lower prices meant that more people could afford to buy shoes. The demand for things increased all over the civilized world. More and more people began to make things for each other; the division of labor had come to stay, and buying and selling had become a major industry.

Our old friend Robinson Crusoe on his island did everything for himself (at least until Friday came) so that neither division of labor nor trade entered into his experience. However, imagine a hundred of people living on an island. As soon as they began to divide their labor among different occupations, the need for exchange would spring up.

One man would make a weapon and exchange it, perhaps for a fish caught by another, or for some grain grown by a third. That would be a simple exchange of goods — we call it barter. When you exchange a pocket knife for some marbles, you are bartering. In early times, even in this country, most trade was conducted in the same manner. Today, to a very limited extent, barter is still used, as when a farmer brings a crate of eggs to a village store and in exchange receives from the storekeeper flour or sugar.

    The system of barter is very inconvenient and cumbersome. Suppose, for example, that an opera singer needs a new costume. She doubtless would have difficulty in finding a shopkeeper who would be willing to exchange a dress for a song. The problem would immediately arise (assuming the merchant was willing to make such an exchange) as to how long she must sing or how many songs must be sung to pay for the dress. What trouble the musician would have if she tried to exchange her talent for all the goods needed in her daily life!

Very early it was realized that some method had to be invented for measuring and stating values. So, instead of saying that a hat is worth so many pounds of sugar or so many pairs of socks, we price all of these things in money. We say a hat costs so many dollars, and sugar so many cents a pound. Trade is greatly simplified through the use of money.



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