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Money and its functions

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The exchange of goods and services in markets is among the most universal activities of human life. To facilitate these exchanges, people settle on something that will serve as a medium of exchange—they select something to be money.

However, this has not always been true. In primitive societies a system of barter was used. Barter was a system of direct exchange of goods. Somebody could exchange a sheep, for example, for anything in the market place that they considered to be of equal value. Barter, however, was a very unsatisfactory system because people’s precise needs seldom coincided. People needed a more practical system of exchange, and various money systems developed based on goods which the members of a society recognized as having value. Cattle, grain, teeth, shells, feather, salt, tobacco have been used. Precious metals gradually took over because, when made into coins, they were portable, durable, recognizable and divisible into larger and smaller units of value.

Но так было не всегда. В примитивных обществах использовалась система бартера. Бартер был системой прямого обмена товарами. Кто-то мог обменять овец, например, на что-нибудь на рынке, на то, что они считали равным. Бартер, однако, был очень неудовлетворительной системой, поскольку определенные потребности людей редко совпадали. Людям необходима была более практичная система обмена и различные денежные системы, разработанные на основе товаров, признанных членами общества как ценные. Использовали крупный рогатый скот, зерно, зубы, ракушки, перо, соль, табак. Драгоценные металлы постепенно взяли на себя эту роль, потому что, когда из них были сделаны монеты, то их стало возможным перенести, они были долговечными, узнаваемыми и делимыми на большие и меньшие единицы стоимости.

The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the ‘double coincidence of wants’ problem.

Money also serves as a unit of account. A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions. Also known as a “measure” or “standard” of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt.

Деньги также являются единицей учета. Единица учета — стандартная численная единица измерения рыночной стоимости товаров, услуг и других операций. Также известная как «мера» или «стандарт» относительной стоимости и отсроченного платежа, единица учета является необходимой предпосылкой для разработки коммерческих соглашений, которые связаны с задолженностью.

The third function of money is to serve as a store of value, that is, an item that holds value over time. To act as a store of value, money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. Money, of course, is not the only thing that stores value. Houses, office buildings, land, works of art, and many other commodities are regarded as a means of storing wealth and value. Money differs from these other stores of value as it is readily exchangeable for other commodities. Its role as a medium of exchange makes it a convenient store of value.

Третья функция денег — хранилище ценности, то есть элемент, который сохраняет ценность с течением времени. Чтобы быть хранилищем ценностей, деньги должны быть надежно сохранены, а потом возвращены — и быть предсказуемо пригодными для использования в качестве средства обмена. Стоимость денег также должна оставаться стабильной с течением времени. Деньги, естественно, не единственная вещь, которая хранит ценность. Дома, офисные здания, земля, произведения искусства и многие другие товары рассматриваются как средство сохранения богатства и ценности. Деньги отличаются от этих других видов ценностей, поскольку они легко обмениваются на другие товары. Их роль как средства обмена делает их удобным хранилищем ценностей.

Because money acts as a store of value, it can be used as a standard for future payments. When you borrow money, for example, you typically sign a contract pledging to make a series of future payments to settle the debt. These payments will be made using money, because money acts as a store of value.

The money supply of a country consists of currency (banknotes and coins) and usually includes bank money (the balance held in checking accounts and savings accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

Определите, к каким частям речи относятся данные слова. Распределите их в таблице.

Переведите письменно данные слова и выражения из текста.

Товары и услуги — goods and services; средство обмена- a means of exchange; платеж – payments; система бартера- a barter system; коммерческое соглашение – a commercial agreement; расчетная единица – a unit of measurement; ценность – a value, стоимость — worth; платежи — payments; урегулировать долг- to settle the debt; средство накопления богатства- a means of storing wealth; сберегательный счет – a savings account; валюта — currency; рыночная стоимость- market value; денежная масса- money supply; отложенный платеж – a deferred payment; подписать контракт – to sign a contract; сделка – a transaction; предмет потребления – a commodity товар – an item; совокупная денежная масса – the total money supply; деньги безналичных расчетов – cashless payments.

Перепишите предложения, заполняя пропуски словами из упражнения 3.

• She opened a savings account in the bank to save her money.
• The credit card company has just increased the penalty on late payments.
• Oil is traditionally paid for in the US currency.
• There still exist some aboriginal tribes which use the barter system when trading.
• Russia exports such agricultural goods as rye and wheat.
• Dear ladies and gentlemen! We are here today to sign an agreement of cooperation.
• The entire business transaction took place over the phone.

Письменно ответьте на вопросы по тексту.

• What definition of money is given in the text? Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.
• Why is the system of barter considered to be unsatisfactory? Barter, however, was a very unsatisfactory system because people’s precise needs seldom coincided.
• What functions of money are mentioned in the text? The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Money also serves as a unit of account.
• What is a unit of account?  A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions.
• What does the money supply of a country consist of? The money supply of a country consists of currency (banknotes and coins) and usually includes bank money (the balance held in checking accounts and savings accounts).

Перепишите предложения, переведите их письменно, подчеркните в них сказуемое. 

• The employees of this company must not be late for work.
• She can type 30 words per minute.
• If the market becomes too saturated demand may drop off.
• It was not enough just to make the product, they also had to sell it and get paid for it.
• The company can`t give details of the contract because the information is
• Сотрудники этой компании не должны опаздывать на работу.
• Она может печатать 30 слов в минуту.
• Если рынок становится слишком насыщенным, то спрос может упасть.
• Недостаточно было просто создать продукт, им также нужно было продать его и получить оплату за него.
• Компания не может предоставить подробную информацию о контракте, поскольку информация является конфиденциальной.

Составьте предложения из следующих слов.

• In western countries the industrial markets distribute the resources.
• A free market economy has no government interference.
• In the modern market economies are mainly mixed and rely on the West.
• The mixed economy lies between the two main types.
• The degree of government restrictions between countries differs greatly.
• In market economy prices regulate the production and consumption.
• Free market allows the individuals to produce any goods and services without government interference.