3. Give the equivalents to the following words or phrases

Over the centuries; to have immediate use of smth.; extenuation; to retain value; to become apparent; universally; an advanced society; to diminish the fact; a money item; fiat currency; inclusive; to be summed up in a rhyme.

4. Using the information in the passage, say what is true and what is false. Correct the false sentences

1. The more easily an item can be divided into small increments, the better it can perform the unit of account function.

2. Money now serves as such a standard.

3. The goods cannot be paid for three, or perhaps six, months after delivery.

4. Liquid financial instruments are easily tradable and have high transaction costs.

5. 'Financial capital' is a more general and inclusive term for all liquid instruments.

6. If you can create your own money, you have a lot of reasons to accept in trade for the valuable goods and services in your possession.

5. Translate and answer the following questions:

1. Каковы основные функции денег?

2. От чего зависит роль денег?

3. Почему в последнее время стало невыгодно хранить состояние в денежной форме?

4. Почему деньги являются лучшим способом отсроченного платежа?

5. Как работают торговые организации в системе денежной экономики?

6. Выполняют ли мировые деньги все вышерассмотренные функции в международном аспекте?

6. Сomplete each sentence with a word or phrase from the box

granted, convenience, monetary, commodity, money, direct, inventions, barter, valuation

1. Money is one of man's 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 organization based upon a system of credit can only operate in a ... economy.

7. Make up questions to the words in italics:

1. In the absence of some form of money, exchange may take the form of barter.

2. As the extent of specialization 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 specialization.

6. The use of money allows us to exchange hours of labour for an amazing variety of goods and services.

8. Read and translate vocabulary notes. Try to remember different meanings of the term ‘money’

1. Money is the coins or bank notes that you use to buy things, or the sum that you have in a bank account. Examples:

1. A lot of the money that you pay at the cinema goes back to the film distributors...

2. Players should be allowed to earn money from advertising...

2. If you say that someone has money to burn, you mean that they have more money than they need or that they spend their money on things that you think are unnecessary.

Ex: He was a high-earning broker with money to burn.

3. If you are in the money, you have a lot of money to spend.

Ex.: He has won a lottery.

4. If you make money, you obtain money by earning it or by making a profit.

Ex: ...the only bit of the firm that consistently made money.

5. If you say that you want someone to put their money where their mouth is, you want them to spend money to improve a bad situation, instead of just talking about improving it.

Ex.: The government might be obliged to put its money where its mouth is to prove its commitment.

6. If you say that the smart money is on a particular person or thing, you mean that people who know a lot about it think that this person will be successful, or this thing will happen.

Ex.: With England not playing, the smart money was on the Germans...

7. If you say that money talks, you mean that if someone has a lot of money, they also have a lot of power.

Ex.: The formula in Hollywood is simple-money talks.

8. If you say that someone is throwing money at a problem, you are critical of them for trying to improve it by spending money on it, instead of doing more thoughtful and practical things to improve it.

Ex.: The Australian government's answer to the problem has been to

throw money at it.

9. If you get your money's worth, you get something which is worth the money that it costs or the effort you have put in.

Ex.: The fans get their money's worth.