1. Translate into Ukrainian:

moving of goods, channels of distribution goods, retail trade, manufactures , consumers, customer, retailer, wholesaler, cost of goods, eliminate from the chain, packing, invoicing, dispatching, economically indispensable, increase, decrease, final link, pricing policy, warehouse, range of goods, competition.

2. Answer the questions:

What is commerce?

What do we call retail trade?

What is wholesale trade?

Who is a middle man?

Why is the wholesaler economically indispensable?

What is the main function of the manufacturer?

In what way can wholesaler help the retailer?

What is the most common and the most efficient channel of distribution of goods?

Where can the retailer get his stock?

Text: glimpses of history of money

glimpses of history трохи про історію

to serve as smth. служити як будь-що

fairly досить

durable надійний, тривалого користування

divisible поділений

portable портативний, компактний

to supersede заміщати

goldsmith ювелір

face value номінальна ціна

token coin розмінна монета

At different periods of time and in different parts of the world many different commodities have served as money. These commodities were: cattle, sheep, furs, leather, fish, tobacco, tea, salt, shells etc. The experts underline that to serve effectively as money, a commodity should be fairly durable, easily divisible, and portable. None of the above-mentioned commodities possessed all these qualities, and in time they were superseded by precious metals.

First they were superseded by silver and later by gold.

When a payment was made the metal was first weight out. The next stage was the cutting of the metal into pieces of definite weight and so coins came into use.

Paper money first came into use in the form of receipts given by goldsmiths in exchange for deposits of silver and gold coins. After goldsmiths became bankers their receipts became banknotes. That's how the first banknotes came into existence. At first coins were worth their face value as metal. But later token coins of limited value as legal tender were issued.

1. Answer the questions:

1. What commodities have served as money in the past?

2. What are the requirements of a commodity to serve as money?

3. Why did precious metals start to serve as money?

4. What precious metal was used first to serve as money?

5. How did coins come into existence?

6. How paper banknotes come into existence?

TEXT: MONEY AND CURRENCY

purchasing power купівельна здатність

constant store of value постійний запас цінностей

Money is a medium of exchange. All values in the economic system are measured in terms of money. It is anything that is accepted as a payment for goods or services. It may be pieces of gold or silver, sheets of printed paper (bills or notes), shells, stones, cattle, or anything else that is regarded as a legitimate basis of exchange for something else.

Money differs from cash. Cash is a form of money that consists of paper currency and coins. So, currency is money in use in a country. Currency is usually backed by gold and silver. National currency is "backed" by the store of gold which the government maintains (gold standard). Nowadays national currencies are considered to be as strong as the national economies, which support them. For example, today our Ukrainian currency "hryvna" has value only because the Ukrainian government stands behind it.

But most money is not in the form of cash. It is in the form of demand deposits, which is money held in checking accounts. Almost all businesses and most families keep the money they need to pay their bills in a bank checking account. Then, instead of cash, they use checks to pay their bills. A check is a piece of paper that orders a bank to give the payee a specified amount of money. Checks, credit cards, and money orders are not legal tender. They perform the function of substitute money and are known as "instruments of credit". A credit card gives you possibility to buy goods or services without using cash or a check.