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1. MONEY IN THE US ECONOMY

The quantity of money in an economy is central to determining the state of that economy — it affects the level of prices, the rate of economic growth and the level of employment. It is a medium of exchange that people will accept for their goods or services and a unit of account for prices or debts. In addition, it can be used like property or precious metals — as a store of wealth that people can save for future purchases.

Money in the United States consists of coins and paper currency. According to federal law, only the U.S. Treasury and the Federal Reserve System can issue U.S. currency. The Treasury issues all coins, while the Federal Reserve and the Treasury each issue a type of paper money — Federal Reserve notes and United States notes, respectively. All U.S. currency carries the nation's official motto, " In God We Trust."

Coins come in various denominations based on the value of a dollar: the penny, one cent or one-hundredth of a dollar; the nickel, five cents or five-hundredths of a dollar; the dime, 10 cents or ten hundredths of a dollar; the quarter, 25 cents or one-fourth of a dollar; the 50-cent piece or half-dol­lar; and the one-dollar coin.

Paper money issued in the United States consists almost entirely of Federal Reserve notes, which are issued by the 12 Federal Reserve Banks in the Federal Reserve System. These notes come in denominations of $1, $2, $5, $10, $20, $50, and $100. Until 1969 the Federal Reserve Banks also issued $500, $1,000, $5,000, and $10,000 notes.

The U.S. Treasury issues the only other paper money in the United States today, and these notes are issued only in $100 denominations. Both United States notes and Federal Reserve notes carry the printed signatures of the secretary of the treasury and the treasurer of the United States.

VOCABULARY

level of prices – уровень цен

economic growth – экономический рост

accept for - принимать что-либо за что-либо

property – имущество, собственность, состояние, хозяйство

paper currency – бумажная валюта

U.S. Treasury – казначейство США

Federal Reserve System – Федеральная резервная система

denomination – достоинство (о монетах)

nickel – монета в пять центов

dime – монета в 10 центов

quarter – 25 центов

issue – пускать в обращение

treasurer - казначей

precious metals – драгоценный метал

account – счет

debt – долг

save – экономить, откладывать, копить

coin – монета

note – банкнота

“In God We Trust” – «В Бога мы верим»

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2. MONEY

The work which people undertake provides them with money. People buy essential commodities with money. 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 its turn exchanged for other goods and services. Coins are adequate for small transactions, while paper notes are used for general business. Originally, a valuable metal (gold, silver or copper) served as a constant store of value, and even today the American dollar is technically 'backed' by the store of gold, which the US government maintains. Because gold has been universally regarded as a very valuable metal, national currencies were for many years judged in terms of the so-called 'gold standard'. Nowadays national currencies are considered to be as strong as the national economies, which support them.

Valuable metal has generally been replaced by paper notes. These notes are issued by govern­ment and authorized banks, and are known as 'legal tender'. Other arrangements such as cheques and money orders are not legal tender. They perform the function of substitute money and are known as 'instruments of credit'. Credit is offered only when creditors believe that they have a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institutions. If a man's assets are known to be considerable then his credit will be good. If his assets are in doubt, then it may be difficult for him to obtain large sums of credit or even to pay for goods with a cheque.

The value of money is basically its value as a medium of exchange or as economists put it, its 'pur­chasing power'. This purchasing power is dependent on supply and demand. The demand of money is reckonable as the quantity needed to effect business transactions. The demand for money is related to the rapidity with which the business is done. The supply of money is the actual amount in notes and coins available for business purposes. If too much money is available, its value decreases. This condi­tion is known as 'inflation'.

VOCABULARY

Undertake – брать на себя ответственность, гарантировать

Essential – существенный, важнейший, необходимый

Commodities – товар, продукт для продажи

Measure – измерять, мерить, отмерять

Adequate – адекватный, соответствующий

general business – общий бизнес

store of gold – запасы золота

US government – правительство США

'gold standard' – золотой стандарт

authorized – авторитетный, надежный, уважаемый

'legal tender' – законное платежное средство

cheques - чек

substitute money – замещать деньги

assets – активы, средства, фонды

in doubt – под сомнением

'pur­chasing power’ – покупательная способность, платежеспособность

supply and demand – спрос и предложение

reckonable - изобразимая

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Выполните следующие упражнения:

Упражнение №1. Ответьте на вопросы, используя модальные глаголы:

1. May I go shopping after ten?

2. Must he buy fruit, too?

3. May I put my books on the desk?

4. May they come and see you tonight?

5. What departments must we go to?

6. We can have tea in the café, can’t we?

7. Who can help me with my homework?

8. What exercises must we do?

9. Can you bring me the books tomorrow?

10. Can they come and see us tonight?

11. May I introduce Mr. Brown to you?

Упражнение №2. Заполните пропуски предлогами, где необходимо:

1. I usually go shopping … the supermarket … Monday and Thursday.

2. - Is there a supermarket nearby? - Yes, it’s … the corner.

3. Who teaches German … your brother?

4. Let the children go … a walk … Gorkovsky Park.

5. How many people are you going to invite … your birthday party?

6. There is a big department store … the next bus-stop.

7. Do you want Peter and John to go … the theatre tonight?

8. Can you buy a brown sweater … Fred?

9. - … which floor is the Men’s Department? - It’s … the fourth floor.

10. We can have coffee … the café.

Упражнение №3. Составьте речевые ситуации, используя модальные глаголы и активный словарь:

1. Three times a week, to go shopping, to buy, purchases, to put into a basket.

2. To teach, a School of Languages, four times a week, to like teaching, to help, a foreign language.

3. Supermarket, meat, fish, cereals, vegetables, fruits, to like, to need.

4. Birthday, to invite friends to a birthday party, to buy a present, a big department store.