1. Find in the text the English equivalents to the following words and word

combinations: наличные деньги, принимать как должное, товарообмен (меновая торговля), менять (обмениваться), предлагать, сохранить ценность, товарные деньги, присущая ценность, накапливать ценность, легкость реализации, единица счета, измерять ценность, внутренняя ценность, бумажные деньги, монеты и банкноты, валюта.

2. Think of words, which will unite the following rows of words:

1. sell, buy, exchange, swap = trade

2. dollars, euros, pounds, yens =

3. gold, silver, salt =

4. coins, notes =

5. eggs, cows, sheep, chairs =

3. Using information from the text name some advantages and drawbacks of:

1. bartering

2. commodity money

3. fiat money

4. Put the letters in bold in the correct order to make the right word:

One of the earliest kinds of neoym that we know about were shells called cowries. Over 3,000 years ago, the people who lived around the Pacific and the Indian Oceans started to use cowries as a kind of atfi money. They were still being used until quite recently in some ieotscies. The first modern scnoi appeared about 2,500 years ago around the Mediterranean in what is now Turkey. At first they were just lumps of silver, but someone somewhere made a round, flat coin and the design stayed. It took a long time for the fiat money to appear. It was invented by the Chinese about 1,200 years ago, probably because there wasn’t enough lmaet available for coins. It took many more centuries before the idea reached the rest of the world. For example, the first paper enost in Europe appeared in the 17^th century in Sweden.

5. Translate into the English language:

1. Много лет тому назад люди не пользовались деньгами, которыми мы пользуемся сейчас.

2. Люди меняли один товар на другой, и эту систему назвали товарообменом или бартером.

3. Металлы, такие как золото или серебро, а также очень полезные продукты, как например соль, называются товарными деньгами.

4. С золотом можно купить товар в любое время, потому что оно хранит ценность.

5. Ценность бумажных денег гарантируется государством.

6. Главный недостаток товарных денег это то, что они не могут легко обмениваться.

7. Бумажные деньги не имеют внутренней или присущей ценности.

5. Banks

People who work usually have a bank account. People can keep the money which they earn in a box under their bed, but that isn’t very reasonable. It’s not very safe, if the house is burgled. Another reason is that money loses value.

As prices rise the money in a box under bed will be able to buy fewer and fewer things. If money is kept in a bank savings account, it will earn interest. But banks are more than safe places for money. What other services do they offer?

The other main service is lending money. Individuals and businesses often need to borrow money and they need a lender they can trust. This is exactly what banks are – reliable lenders. In fact, most of the money that people deposit in their bank accounts is immediately lent out to someone else.

Apart from storing and lending money, banks offer other financial services. Most of these are ways of making money more accessible to customers. For example, banks help people transfer money securely. They give customers cheque books and credit cards to use instead of cash. They provide ATM (automatic teller machines) so that people can get cash any time of the day or night.

But how do banks make a living? Basically, they make a living by charging interest on loans. Of course, when you make a deposit into a bank savings account, the bank pays you interest on that money. However, the rate they pay savers is less than the rate they charge borrowers. The extra money they make by charging interest on loans is where banks earn most of their money.

For banks, interest is also a kind of security. Sometimes people do not pay back money they borrow. This is called defaulting on a loan. When someone defaults on a loan, the bank uses money earned from interest to cover the loss.

All of this means that most of the money people have saved in the bank is not there at all. A small amount of the total savings is kept by the bank so that customers can make withdrawals. The rest, however, is made available for loans. The amount that is kept is called the reserve. The reserve must be a certain percentage of all the savings received from customers – for example 20 per cent. This figure is set by the central bank, and this is one of the ways that governments can control the amount of money circulating in the economy. (1875)

1. Find in the text the English equivalents to the following words and word combinations: банковский счет, зарабатывать, надежный, терять ценность, хранить деньги, сберегательный счет, безопасное место, предлагать услуги, давать деньги в долг, занимать деньги, нуждаться в кредиторе, доверять, надежный кредитор, вкладывать деньги на банковский счет, делать деньги доступными для клиентов, вместо наличности, банкомат, зарабатывать на жизнь, начислять проценты на кредиты, вкладчики, дополнительные деньги, не выполнить обязательства по кредиту, покрыть потерю, количество, общее количество сбережений, изъятие вклада, доступный, определенный процент, количество денег.