7. Study carefully this pattern and translate the following.

The text to be translated is very difficult.

Текст, который нужно перевести, очень труден.

These problems will be discussed at the conference shortly to open in Moscow.

Эти вопросы будут обсуждаться на конференции, которая вскоре должна открыться в Москве.

1. The price for any product to be established by the market is an important indicator for the producers.

2. He is the most famous of the economists to take part at the conference.

3. In market economy, there is no governmental body to set the price of the products.

4. The market mechanism determines the price for the goods to be produced for a particular market.

5. They raised the money to be invested in our new programme.

6. This prolonged recession is an indication of the crisis to come.

7. They submitted a number of measures to be discussed at the meeting.

8. This is not an idea to impress our management.

9. The problem to be solved is whether we can reduce the rate of inflation or not.

10. Keynes was one of the first economists to propose state regulation of the economy.

8. Translate the text. Money

In economic system, all values are known to be 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. Coins are said to be adequate only for small transactions, while paper notes are more convenient for general business. There is traditionally a wider sense of the word ‘money’ covering anything which is used as a means of exchange, whatever forms it may take.

Originally, a valuable metal (gold, silver, copper) is considered to have served as a constant store of value. 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, however, the strength of the national currencies is considered to be a function of the strength of the national economies which support them.

Valuable metal has generally been replaced by paper notes. These notes are issued by governments and authorized banks, and are known to be ‘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 provided by banks. If a man’s assets are known to be considerable his credit will be good. If his assets are in doubt then it may be difficult for him to obtain large sums of money.

The value of money is known to be its value as a means of exchange or, as economists say, its purchasing power. This purchasing power is believed to depend on the state of economy and the rate of inflation.

9. Answer the questions.

1. What is money?

2. What is it used for?

3. Is there any difference between a coin and a paper note?

4. When did paper notes make their appearance?

5. What was originally used as money?

6. Are precious metals used now as money?

7. What is the value of money?

8. What is the way to measure it?