Vocabulary notes:

1. instance [`ın^tstən^ts] – приклад; випадок; зразок; окремий факт;

2. intrinsic value [ın`trın^tsık] – дійсна (реальна) вартість; внутрішня вартість; внутрішня цінність; притаманне значення;

3. commodity money [kə`mOdəti] / [kə`mα:dəti] – товарні гроші;

4. array [ə`reı] – велика кількість, безліч, сила-силенна, сукупність;

5. wampum [`wOmpəm] / [`wα:mpəm] – намисто з черепашок (у індіанців);

6. cowries [`kau^əriz] – каурі (мушля, що замінювала гроші в окремих частинах Азії та Африки);

7. gunpowder [`gAnֽpaudə] – порох;

8. “greenbacks” [`gri:nbæk] – “грінбеки” (“зелені спинки”) – не забезпечені золотом паперові гроші, які випускалися для фінансування Громадянської війни за рішенням Конгресу від 25 лютого 1862 р.;

9. salarium [sal`arium] – соляний пайок (який видавався військово-службовцям та цивільним чиновникам); оклад, утримання;

10. allowance [ə`lauən^ts] – утримання (річне, місячне і т.д.); кишенькові гроші (на повсякденні дрібні витрати);

11. to sack cities – грабувати, віддавати на пограбування (захоплені міста);

12. hearth [hα:θ] / [hα:rθ] – дім; домашнє вогнище;

13. to warp [wO:p] / [wO:rp] – перекручувати, спотворювати;

14. to seduce [sı`dju:s] / [sı`du:s] – спокушати, зваблювати;

15. native intelligence [`neıtıv ın`telıGən^ts] – вроджений, природний інтелект;

16. to breed [bri:d] – породжувати; спричинювати;

17. lure [ljuə] / [lu^ər] – спокуса; спокусливість;

18. to fashion [`fæ∫^ən] – надавати вигляду (форми); утворювати, робити; формувати, моделювати; змінювати, перетворювати; пристосовувати;

19. pursuit [pə`sju:t] / [p<sup>ə</sup>r`su:t] – переслідування, гонитва; прагнення, пошуки;

20. currency [`kArən^tsi] – грошовий обіг; валюта, гроші;

21. to distinguish (between) [dı`stıŋgwı∫] – розрізняти; побачити, помітити; відрізняти(ся), відзначати(ся);

22. for good reason [`ri:z^ən] – небезпідставно; обґрунтовано; з вагомих (поважних) причин;

23. hard money – металічні гроші, монети; готівка; дзвінка монета;

24. soft money – паперові гроші; дармові гроші;

25. no-money – несправжні гроші, “не гроші”;

26. noble metal [`nəub<sup>ə</sup>l `met^əl] – благородний метал;

27. fiat money [`fi:æt `mAni] – паперові гроші (не забезпечені золотом); нерозмінні (декретні) гроші;

28. intrinsically worthless [ın`trın<sup>t</sup>sık<sup>ə</sup>li `wə:θləs] – по суті нічого не вартий (нікчемний);

29. to honour [`Onə] / [`α:n^ər] – оплатити (чек, тратту); виконати (зобов’язання);

30. bill – амер. банкнота;

31. watermark [`wO:təmα:k] / [`wO:t^ərmα:rk] – водяний знак (на папері).

Task 13. Agree or disagree with the following statements.

1. The word “money” is of Greek origin.

2. The origin of money is closely connected with creating the wheel.

3. The first instances of money were intrinsically worthless objects.

4. Commodity money can be of various kinds.

5. Wampum, cowries, whales’ teeth, large stone disks, cigarettes and liquor are some examples of fiat money.

6. “Greenbacks” were the first paper money issued by the U.S. federal government.

7. The word “salary” derived from “salt”.

8. Of evils upon earth, the worst is money.

9. An economy could hardly function without money.

10. Money affects morals and ideals.

11. Money and currency are frequently confused.

12. Hard money has real universal value.

13. Soft money is backed by hard money.

14. Hard and soft money are widespread these days.

15. No-money is most common type of money these days.

16. Fiat money is not money at all, it is currency.

17. There are few forms of currency.

18. The term fiat money means “assets of Fabrica Italiana Automobili Torino (FIAT) [`fi:ət]”.

19. People are generally unwilling to accept fiat money in exchange for the goods and services.

20. The bills and coins that we use today are examples of no-money.

Task 14. a) Match the terms in column A with their definitions in column B:

A

B

allowance watermark noble metals intrinsic value native intelligence

a hidden design on a piece of paper that you can only see when you hold the paper up near a light; the real value that a company, an asset, etc. has, rather than the current value as shown, for example, by share prices or its market value; mental abilities that a person has had since birth; valuable metals such as gold, silver, or platinum; an amount of money that is paid to someone regularly or on particular occasions by their employer or by the state, to help them pay for travel, food, somewhere to live or other expenses;

b) Translate into Ukrainian paying special attention to the words in italics.

1. The company gives me a travel allowance.

2. Watermarks make it difficult to counterfeit banknotes.

3. The company’s intrinsic value is well above $25 per share.

4. Students are encouraged to develop their native intelligence.

5. Backing is the support in gold or precious metals for a country’s issue of money in notes.

Task 15. a) Find 11 pairs of synonyms among the words given below.

1. Allowance; 2. array; 3. beginning; 4. case; 5. to fashion; 6. incredible; 7. instance; 8. item; 9. noble; 10. object; 11. origin; 12. payment; 13. to plunder; 14. pocket money; 15. precious; 16. range; 17. to sack; 18. to shape; 19. small change; 20. unbelievable; 21. value; 22. worth.

Task 16. a) Find in the text “What is Money?” (Task 12) the words opposite in meaning:

1. Cheap; 2. to doubt, to hesitate, to be uncertain; 3. extrinsic; 4. rarely; 5. to reject; 6. specific; 7. unavailable; 8. unreasonably; 9. unwilling; 10. valuable.

b) Use antonyms of the above words (Task 16 a) in the following sentences.

1. The first money were objects with _____ value.

2. No one _____ when and where money originated.

3. Fiat money is intrinsically _____ (or almost _____).

4. Commodity money is not commonly-_____ these days.

5. People do distinguish between “cash” and “money,” and _____.

6. Paper money was used _____ throughout Europe in the Middle Ages.

7. People are willing _____ fiat money in exchange for the goods and services.

8. Noble metals are called hard money because they are hard assets with real _____ value.

Task 17. “Odd man out.” In each line cross out a word that in its meaning differs from the others. Explain your choice.

1. money – fire – wheel;

2. wampum – cowries – gunpowder;

3. stones – liquor – tobacco;

4. the Civil War – the Ming dynasty – the Middle Ages;

5. “greenbacks” – platinum – soft money;

6. native intelligence – a habit of dishonesty – lure;

7. cash – money – currency;

8. coin – watermark – ink;

Task 18. Fill in the blanks with noun or adjective forms. Use your dictionary if necessary.

NOUN	ADJECTIVE
-----------	moneyed
origin	-----------
-----------	objective
value	-----------
-----------	inclusive
extension	-----------
-----------	intelligent
habit	-----------
-----------	dishonest
confusion	-----------
-----------	noble
worth	-----------
-----------	willing
creation	-----------
-----------	expensive

Task 19. Use the correct noun or adjective forms in the sentences. Change the grammatical form of the words if necessary.

1. moneyed

1. Standing for a limited monarchy, this political party represented the great aristocracy and the _____ middle class.

2. She seems to be in _____ these days.

2. origin

1. The _____ of the Internet go back to the 1950s.

2. Our _____ plan was to go to Spain, but it was too expensive.

3. objective

1. The important thing is to be _____ when making decisions.

2. He had the appearance of a man to whom time was no _____.

4. value

1. Money is said to have time _____: the sooner received, the higher the _____.

2. It’s rather attractive, but not _____.

5. inclusive

1. It’s a fully _____ price.

2. With the _____ of Italy next season, the number of member countries will increase to six.

6. extension

1. _____ strategy is a plan for reaching new customers for an exciting product by making small changes to it, finding new uses for it.

2. They made _____ use of computers.

7. intelligent

1. That’s a very _____ question.

2. He is a person of average _____.

8. habit

1. John’s boss discharged him because of _____ absenteeism.

2. He’s a _____ of habit.

9. dishonest

1. It would be unfair to accuse him of _____.

2. Moneygrubbers are not essentially _____.

10. confusion

1. There’s much _____ in word usage.

2. Don’t _____ “money” and “currency”.

11. noble

1. He followed his principles with _____.

2. _____ metals gain their value in the times of crisis.

12. worth

1. A job interview should enable applicants to show their _____.

2. The technology is practically _____ if people don’t know how to use it.

13. willing

1. People have not always been _____ to accept soft money as a medium of exchange.

2. He can change his personality at _____.

14. creation

1. We encourage employees to engage in _____ thinking.

2. _____ of new terms often adds to existing confusion.

15. expensive

1. Labour is the airline industry’s biggest _____.

2. What is the least _____ option?

Task 20. Complete the sentences.

1. No one knows for sure when and where … . 2. Any commonly-available commodity with intrinsic value can … . 3. Throughout the history a large number of items have been … 4. “Greenbacks”, the first U.S. paper money were printed … . 5. The Roman army was paid … . 6. The first known example of paper money … . 7. Paper money was also used extensively … . 8. Of evils upon earth, … . 9. Many people fashion their lives … . 10. Money affects both ideals and … . 11. There are really three types of money: hard money, … . 12. Soft money is paper money backed … . 13. Currency is anything accepted … . 14. Fiat money is an intrinsically worthless … . 15. The bills and coins that we use today are … .

Task 21. Translate into English.

1. Гроші, як вогонь і колесо, поруч з людиною уже давно. 2. Ніхто не знає напевне, звідки з’явилися гроші. 3. Першими грішми були предмети, які мали реальну цінність. 4. Першими зразками грошей були товарні гроші. 5. Величезна кількість речей використовувались як товарні гроші. 6. Перші відомі історикам паперові гроші з’явились у Китаї наприкінці 14 століття. 7. “Грінбеки” стали першими паперовими грішми, надрукованими федеральним урядом у 1861 році для фінансування Громадянської війни. 8. Римським воїнам платили сіллю. 9. З усіх лих на землі найгіршим є гроші. 10. Гроші спотворюють та зваблюють природний інтелект. 11. У наш час люди будують своє життя навколо гонитви за грішми. 12. Економіку, яка функціонує без грошей, важко собі уявити. 13. Гроші – це не зовсім те, про що ми звикли думати. 14. Через термінологічну плутанину дехто з фахівців стверджує, що грошей не існує взагалі. 15. Насправді існує три типи грошей: металеві гроші, паперові гроші та декретні гроші. 16. Металеві гроші мають універсальну цінність. 17. Паперові гроші підтримуються сріблом та золотом. 18. Декретні гроші є товаром, який не має власної внутрішньої вартості і слугує як засіб обміну. 19. Банкноти і монети, які ми сьогодні використовуємо, є прикладами декретних грошей. 20. Люди з готовністю приймають клаптики паперу із спеціальними водяними знаками, на яких надруковано чорнилом, в обмін на дорогі товари й послуги.

Task 22. Answer the questions.

1. Are scientists sure about the origin of money?

2. What were the first instances of money?

3. Can any object serve as commodity money?

4. What examples of commodity money are given in the text?

5. Have large stone disks ever been used as money?

6. What is the origin of the word “salary”?

7. Were “greenbacks” the first known example of paper money? Explain.

8. When did the first known example of paper money occur?

9. Paper money was widespread in Europe in the Middle Ages, wasn’t it?

10. What strong opinions about the role of money did Sophocles have? Do you share the opinion of the ancient Greek playwright?

11. What do you consider the worst evils upon earth? Give your reasons.

12. Does money sack cities, and drive men forth from hearth and home these days? Why?

13. In modern times, the majority of people are still seduced by the lure of money, aren’t they?

14. Do you fashion your life around money and its pursuit?

15. Is it easy to imagine an economy functioning without money?

16. How does money affect your (your friends’) ideals?

17. Why do some experts claim that there is no money at all?

18. What is your concept of money?

19. Can you see the difference between money and currency?

20. Most people do distinguish between “cash” and “money”, don’t they?

21. What are the three major types of money these days?

22. What is hard money?

23. What is soft money backed by?

24. Do we use hard and soft money these days?

25. What is known as fiat money?

26. Why can currency take many forms?

27. Fiat money is represented by intrinsically valuable objects, isn’t it?

28. What does the term “fiat” mean?

29. Why are people willing to accept fiat money in exchange for the goods and services they sell?

30. Are modern bills and coins examples of fiat money?

Task 23. Say what you know about:

1. Etymology of the word “money”.

2. The development of money.

3. The importance of money for the economy.

4. The effect of money on morals and ideals.

5. The difference between “money” and “currency”.

6. The three types of money: hard money, soft money, and no-money.

Task 24. Comment on the following sayings.

1. Of evils upon earth, the worst is money.

2. Money answers all things.

3. Money draws money.

4. Money doesn’t grow on trees.

5. Money has no smell.

6. Money is a good servant, but a bad master.

7. Money spent on the brain is never spent in vain.