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MONEY AND BANKING
Lesson 1
Task 1. Study the etymology of the word “MONEY”.
| Etymology: | MONEY | |
| Perhaps from Latin monere (advise, warn), with the sense of “admobishing goddess,” which is “sensible”, but etymology is difficult →Latin monēta (coinage) –a title of the Roman goddess Juno, in or near whose temple money was coined;→ Old French moneie → late 13th century English (coinage, metal currency) → extended in the early 19th century to include paper money. |
Task 2. Look at the following example sentences revealing the meaning of the word “MONEY”. Make up similar sentences.
1. For my money, you’re just about the only one who does something useful around here. – На мій погляд, ти єдина тут людина, яка займається чимось корисним.
2. For my money, you were the only actor in the play who was worth watching. – На мою думку, ти єдиний актор, якого варто було подивитися у цій п’єсі.
3. Now that we’ re in the money we can afford this journey. – Зараз, коли у нас є гроші, ми можемо поїхати у цю подорож.
4. We’ re in the money. – У нас знову завелася монета.
5. You must have money to burn. – У тебе, мабуть, повно грошей, раз ти їх так витрачаєш.
6. With all that money to burn he had no particular place to go to. – Хоча у нього були повні кишені грошей, йому не було особливо куди піти.
7. This is the only country in the world that can put its money where its mouth is. – Це єдина в світі країна, яка може підкріпити свої слова ділом.
8. If this is such a good stock, you buy it. Put your money where your mouth is! – Якщо це настільки надійні акції, то і купуй їх. А то ти лишень радиш, а сам цього не робиш!
9. These people are flush with money. – У них гроші кури не клюють.
10. Tom is always very flush with money or very hard up. – Том завжди або розкидається грішми, або на мілині.
11. Babysitting is money for old rope if the children don’t wake up. – Догляд за дітьми – це легкий хліб, якщо вони увесь час сплять.
12. Lend your money and lose your friend. – Хочеш втратити друга, позич йому гроші.
13. Clearly, she married (into) money. – Було очевидно, що вона вийшла заміж за розрахунком (“за гроші”).
14. Money answers all things. – З грішми можна досягнути всього. Гроші можуть усе зробити. (Ecclesiastes X, 19).
15. “Money draws money,” the proverb says. – Як говориться, гроші до грошей.
16. Money doesn’t grow on trees. – Гроші під ногами не валяються.
17. Money has no smell. – Гроші не пахнуть (pecunia non olet; слова, що приписують римському імператору Віспасіану, який встановив податок на громадські туалети).
18. Money is a good servant, but a bad master. – Людина повинна розпоряджатися грішми, а не гроші людиною.
19. Here, you know, “ money makes the man ”, as the vulgar proverb has it. – У нас “гроші роблять людину”, як говорить цинічне прислів’я.
20. Money spent on the brain is never spent in vain. – Гроші, потрачені на освіту, завжди окупаються.
21. Don’t become dependent on soft money. – Не думай, що гроші тобі будуть так легко діставатися.
22. “Your money or your life!..” said a rough voice. – “Гаманець або життя!..” – вимовив хтось грубим голосом.
Task 3. Singular or plural?
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| · Money is what you can use to buy and sell things and earn through your work, investments, sales, etc.; coins or paper notes; a person’s wealth including their property; · Moneys / monies[`mAniz]– a pecuniary sum or income; sums of money. |
Task4. Translate into Ukrainian taking into account the meanings of the word “MONEY”.
1. Гроші; фонди; фінанси; платіжний засіб; багатство; власність; національна валюта;
2. грошові суми;монетні системи, валюти;
1. He lost all his money. 2. I counted the money carefully. 3. How much money is there in my account? 4. Where can I change my money into dollars? 5. I make more money in this job than in the last one. 6. It’s a statement of all monies paid into your account. 7. I started my business because I wanted to make money. 8. Factory automation systems can save you time and money. 9. If the item is not satisfactory, you will get your money back. 10. Smaller companies have found it difficult to borrow money to invest in assets.
Task 5. a) Study the words meaning “MONEY”.
| 1. cash | – coins or notes that can be spent immediately: I don’t have any cash, I’ll have to pay with a card. |
| 2. (small) change | – coins that are not of high value: Do you have any change for the phone? |
| 3. currency | – the specific type of money used by a particular country: We don’t accept foreign currency, I’m afraid. |
| 4. dosh[dO∫] / [dα:∫] | – (very informal) a slang word for money: Simon can pay, he’s got loads of dosh! |
| 5. the readies[`rediz] | – (very informal) money that you can spend immediately such as banknotes or coins: Come on, hand over the readies! |
| 6. means | – money that allows you to survive: I just don’t have the means to go on living in such a big house. |
| 7. savings | – money that you have saved in order to spend it later: We spent half our savings on the lawyer’s fees. |
| 8. legal tender[`li:gəl `tendə] | – (formal) coins or notes that are officially accepted in a particular country: As of December 4th, the £1 note will no longer be legal tender. |
| 9. specie[`spi:∫i] | – coin money, as distinguished from bullion or paper money: Immobilization is removing specie from circulation and holding it as a reserve. |
b) Which of the above words means:
· бабки (про гроші);
· готівка (гроші);
· гроші; готівка; розрахунок готівкою; каса, грошові засоби;
· грошовий обіг; валюта, гроші;
· грошові засоби; багатство, достатки, статок;
· дзвінка монета; гроші; металеві гроші (на противагу паперовим грошам);
· дрібні гроші;
· законний платіжний засіб; законний засіб платежу;
· заощадження?
Task 6. Translate into Ukrainian paying special attention to the words in italics.
1. I’ll give you the rest of money in cash. 2. Some of the supermarket checkouts only take cash. 3. Don’t forget you change! 4. The ticket machine gives change. 5. I had to change my euros into local currency. 6. A weaker currency would help our exports. 7. That would cost much dosh. 8. I have no dosh on me. 9. I need the readies by tomorrow. 10. They currently do not have the means to pay their bills. 11. Many consumers live beyond their means. 12. He used his savings to start up his own company. 13. The money for the flight came out of my savings. 14. These coins are no longer legal tender. 15. Paper money is paper currency issued by the government or the central bank as legal tender and which circulates as a substitute for specie. 16. In 1779 one paper dollar was worth only two or three cents in specie.
Task 7. Study the derivatives of the word “MONEY”.
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b) Which of the above word-combinations means:
· the right to coin;
· (humorous) a rich person;
· a piggy bank;
· someone whose job is to exchange money of one country for money of another country;
· a person extremely interested in getting money;
· a person or organization that lends money to people, especially at a high rate of interest?
Task 8. Think and answer.
1. Why do many people keep their money in piggybanks instead of depositing it to a bank account? When do people tend to keep their money in piggybanks?
2. What can make a person a moneygrubber? Do all moneygrubbers become moneybags? Would you like to be a moneybags? Why?
3. How do functions of moneychangers differ from those of moneylenders?
4. Who can act as a moneychanger? Where do moneychangers transact their business?
5. Do all banks have moneyage?
Task9.a) Match the underlined phrases in column A with their interpretation in column B.
| A | B |
| 1.She spends money like water. 2.Hold on – I’ m not made of money, you know. 3.This is money for old rope. 4.I want the best car you’ve got. Money is no object. 5.He is in the money and throws his money around. | a) BrE informal money that you earn very easily without much work or effort; b)I have a lot of money and can buy what I want; c)suddenly has got a lot of money, (e.g. has won it or has been given it); d)spends a lot of money on things he does not need; e) spoken don’t have large amounts of money; f) informal spends too much money in a careless way; |
b) Translate into English.
1. Транжирити гроші; розкидатися, смітити грішми; 2. багатющий; 3. дармові гроші; 4. гроші – не проблема; за ціною не постоїмо; 5. бути багатим; мати гроші.
c) Think and answer.
1. Have you ever earned money for old rope?
2. Why do some people throw their money around?
3. Are you not made of money?
4. Have you ever been in the money?
5. Do all people in the money tend to spend money like water? Why?
d) Learn more about the origins of some words and phrases.
1. To make money “earn pay” is first attested in the middle 15th century.
2. Highwayman’s threat “your money or your life” was first attested in 1841.
3. Phrase “in the money” (1902) originally meant “one who finishes among the prize-winners” (in a horse race, etc.).
4. The challenge to put (one’s) money where (onene’s) mouth is is first recorded in 1942.
5. Moneybags – “rich person” is from 1818; money-grubber – “one who is sordidly intent on amassing money” is from 1768.
Task 10. a) Study the word usage.
· You can make or earnmoney, a living or a fortune.
· Earnemphasizes the work you have to do to get the money.
· If the money comes as interest or profit, and the subject is a person use make: She earned a fortune on the stock market.
· If the subject is a business or factory, use either word: The plant will make / earn £950 million for the UK.
·  If the subject is the money itself use earn: Your money would earn (make) more in a high-interest account.
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Task 11. Practice reading the following words.
| 1. to accept [ək`sept] 2. allowance[ə`la u ənts] 3. array[ə`reı] 4. available[ə`veıləbəl] 5. bead[bi:d] 6. bullet[`bulıt] 7. cigarette[ֽsıgə`ret] / [`sıgəret] 8. colonist[`kOlənıst] / [`kα:lənıst] 9. confusion[kən`fju:ჳən] 10. cowries[`kauəriz] 11. dishonesty[(ֽ)dıs`Onısti] / [(ֽ)dıs`α:nısti] 12. to distinguish[dı`stıŋgwı∫] 13. dynasty[`dınəsti] / [`daınəsti] 14. earth[ə:θ] 15. Ethiopia[ֽi:θi`əupiə] 16. evil[`i:vəl] 17. extensively[ık`stentsıvli] 18. fashion[`fæ∫ən] 19. fiat[`fi:æt] 20. Fiji[`fi:Gi:] 21. hearth[hα:θ] / [hα:rθ] 22. honoured[`Onəd] / [`α:nərəd] | 23. ideal[(ֽ)aı`dıəl] / [(ֽ)aı`di: ə l] 24. intrinsic[ın`trıntsık] 25. island[`aılənd] 26. liquor[`lıkə] / [`lıkər] 27. lure[ljuə] 58% / [luər] 42% 28. moral[`mOr ə l] / [`mO:r ə l] 29. object[`ObGekt] / [`α:bGekt] 30. Pacific[pə`sıfık] 31. platinum[`plætınəm] / [`plætənəm] 32. salarium[sal`arium] 33. salt[sO:lt] 34. to seduce[sı`dju:s] / [sı`du:s] 35. Sophocles[`sOfəkli:z] / [`sα:fəkli:z] 36. sure[∫O:] / [∫uər] 37. Tibet[tı`bet] 38. tobacco[tə`bækəu] 39. wampum[`wOmpəm] / [`wα:mpəm] 40. to warp[wO:p] / [wO:rp] 41. whale[weıəl] / [ h weıəl] 42. wheel [wi:əl] / [ h wi:əl] 43. worthless[`wə:θləs] 44. Yap[jæp] |
Task 12. Read the text.
What is Money?
Money, like fire and the wheel, has been around for a very long time.
No one knows for sure how long or what the origins of money are. The first instances of money were objects with intrinsic value. This is called commodity money and includes any commonly-available commodity that has intrinsic value.
An incredible array of items have served as money – wampum (beads made from shells) were used by North American Indians; cowries (brightly coloured shells) were used in India; whales’ teeth were used in Fiji; large stone disks were used in the Pacific island of Yap; cigarettes and liquor have been used in more modern times; tobacco was used by early American colonists; throughout the colonies, gunpowder and bullets were frequently used for small change; the first paper money issued by the federal government consisted of $10 million worth of “greenbacks,” printed in 1861 to finance the Civil War; even cakes of salt have served as money in Ethiopia, Africa, and Tibet. The Roman army was paid in salt – an allowance called salarium (which is the origin of the word salary). The first known example of paper money occurred in China during the Ming dynasty (1368 – 1399 A.D.). This form of money was also used extensively throughout Europe in the Middle Ages.
Sophocles [`sOfəkli:z], the ancient Greek playwright, had very strong opinions about the role of money. As he saw it, “Of evils upon earth, the worst is money.” It is money that sacks cities, and drives men forth from hearth and home; warps and seduces native intelligence, and breeds a habit of dishonesty.”
In modern times, people may still be seduced by the lure of money and fashion their lives around its pursuit. Nevertheless, it is hard to imagine an economy functioning without money. Money affects not only morals and ideals, but also the way an economy works.
What is money? Money isn’t exactly what we think it is. Much confusion exits about money and currency. This confusion makes some experts claim that there is no money at all.
People do distinguish between “cash” and “money,” and for good reason. There are really three types of money: hard money, soft money and no-money.
Hard money, if there were any, would be gold, silver, or platinum. These are the noble metals and are called hard money because they are hard assets with real universal value.
Soft money would be paper money backed by hard money. This would include silver or gold certificates which were backed by silver or gold. We do not use hard or soft money anymore.
The third type of money is no-money. That is paper money backed by nothing of value. This is also called fiat money. Really it is not money at all, it is currency. Currency can take many forms. It is anything accepted as a medium of exchange. The currency of the United States, for example, is the Federal Reserve Note which is backed by nothing of value.
Fiat money is an intrinsically worthless (or almost worthless) commodity that serves the functions of money. The term fiat means by government order. People are willing to accept fiat money in exchange for the goods and services they sell only because they know it will be honoured when they go to buy goods and services. The bills and coins that we use today – collectively known as currency – are examples of fiat money. Because of the creation of fiat money, people are willing to accept a piece of paper with a special watermark, printed in ink, and worth not more than a few cents as a commodity, in exchange for expensive goods and services.
Vocabulary notes:
1. instance [`ıntst ə nts] – приклад; випадок; зразок; окремий факт;
2. intrinsic value [ın`trıntsık] – 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 [`kauəriz] – 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`la u ənts] – 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`telıG ə nts] – вроджений, природний інтелект;
16. to breed [bri:d] – породжувати; спричинювати;
17. lure [ljuə] / [luər] – спокуса; спокусливість;
18. to fashion [`fæ∫ən] – надавати вигляду (форми); утворювати, робити; формувати, моделювати; змінювати, перетворювати; пристосовувати;
19. pursuit [pə`sju:t] / [pər`su:t] – переслідування, гонитва; прагнення, пошуки;
20. currency [`kAr ə ntsi] – грошовий обіг; валюта, гроші;
21. to distinguish (between) [dı`stıŋgwı∫] – розрізняти; побачити, помітити; відрізняти(ся), відзначати(ся);
22. for good reason [`ri:zən] – 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 [`nəubəl `metəl] – благородний метал;
27. fiat money [`fi:æt `mAni] – паперові гроші (не забезпечені золотом); нерозмінні (декретні) гроші;
28. intrinsically worthless [ın`trıntsıkəli `wə:θləs] – по суті нічого не вартий (нікчемний);
29. to honour [`Onə] / [`α:nər] – оплатити (чек, тратту); виконати (зобов’язання);
30. bill – амер. банкнота;
31. watermark [`wO:təmα:k] / [`wO:tərmα: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 |
| 1. allowance 2. watermark 3. noble metals 4. intrinsic value 5. native intelligence | a)a hidden design on a piece of paper that you can only see when you hold the paper up near a light; b)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; c)mental abilities that a person has had since birth; d)valuable metals such as gold, silver, or platinum; e)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 |
| 1. ----------- | moneyed |
| 2. origin | ----------- |
| 3. ----------- | objective |
| 4. value | ----------- |
| 5. ----------- | inclusive |
| 6. extension | ----------- |
| 7. ----------- | intelligent |
| 8. habit | ----------- |
| 9. ----------- | dishonest |
| 10. confusion | ----------- |
| 11. ----------- | noble |
| 12. worth | ----------- |
| 13. ----------- | willing |
| 14. creation | ----------- |
| 15. ----------- | expensive |
Task 19. Use the correct noun or adjective forms in the sentences. Change the grammatical form of the words if necessary.
Moneyed
a) Standing for a limited monarchy, this political party represented the great aristocracy and the _____ middle class.
b) She seems to be in _____ these days.
Origin
a) The _____ of the Internet go back to the 1950s.
b) Our _____ plan was to go to Spain, but it was too expensive.
Objective
a) The important thing is to be _____ when making decisions.
b) He had the appearance of a man to whom time was no _____.
Value
a) Money is said to have time _____: the sooner received, the higher the _____.
b) It’s rather attractive, but not _____.
Inclusive
a) It’s a fully _____ price.
b) With the _____ of Italy next season, the number of member countries will increase to six.
Extension
a) _____ strategy is a plan for reaching new customers for an exciting product by making small changes to it, finding new uses for it.
b) They made _____ use of computers.
Intelligent
a) That’s a very _____ question.
b) He is a person of average _____.
Habit
a) John’s boss discharged him because of _____ absenteeism.
b) He’s a _____ of habit.
Dishonest
a) It would be unfair to accuse him of _____.
b) Moneygrubbers are not essentially _____.
Confusion
a) There’s much _____ in word usage.
b) Don’t _____ “money” and “currency”.
Noble
a) He followed his principles with _____.
b) _____ metals gain their value in the times of crisis.
Worth
a) A job interview should enable applicants to show their _____.
b) The technology is practically _____ if people don’t know how to use it.
Willing
a) People have not always been _____ to accept soft money as a medium of exchange.
b) He can change his personality at _____.
Creation
a) We encourage employees to engage in _____ thinking.
b) _____ of new terms often adds to existing confusion.
Expensive
a) Labour is the airline industry’s biggest _____.
b) 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.
Lesson 2
Task 1. a) The word “CURRENCY” has a range of meanings:
b) Which meaning of the word is revealed in the following sentences?
1. What is the currency of a contract?
2. The euro is the single European currency.
3. A weaker currency would help our exports.
4. I had to change my euros into local currency.
5. Since the Gulf war, the term has gained new currency.
6. All the modernist styles have become common currency.
7. The government has devalued the national currency by 29%.
8. The idea of withdrawing from the war has gained wide currency.
9. You can use credit cards but it’s best to take some currency as well.
10. The dollar rose against European currencies but fell against the Japanese yen.
11. The facts must remain true and accurate during the currency of the advertisement.
12. English has become the key to the international currencies of technology and commerce.
c) Check your answers referring to the Ukrainian equivalents of “CURRENCY”.
· Грошовий обіг (рух грошей у процесі виробництва й обігу товарів, надання послуг і здійснення платежів);
· валюта (національна грошова одиниця якоїсь країни);
· гроші;
· засіб обігу (гроші, а також будь-який актив, який використовують як засіб обігу, наприклад, монети, банкноти, чеки, векселі, боргові розписки і т.д.);
· розповсюдження, застосовність, придатність; вживаність;
· тривалість;
· термін дії (чого-небудь, наприклад, контракту, страхового полісу і т.д.).
Task 2. a) Study the table illustrating the currency bloc for the dollar.
| CURRENCY | Letter code | Number code | COUNTRY | |
| Australian dollar | AUD | Australia | Австралія | |
| Bahamiandollar | BSD | Bahamas | Багами | |
| Barbadosdollar | BBD | Barbados | Барбадос | |
| Belizedollar | BZD | Belize | Беліз | |
| Bermudiandollar | BMD | Bermuda | Бермудські о-ви | |
| Bruneidollar | BND | Brunei | Бруней | |
| Canadiandollar | CAD | Canada | Канада | |
| CaymanIslandsdollar | KYD | CaymanIslands | Кайманові о-ви | |
| EastCaribbeandollar | XCD | EastCaribbean | Острівні держа-ви Карибського басейну | |
| Fijidollar | FJD | Fiji | Фіджі | |
| Guyanadollar | GYD | Guyana | Гайана | |
| HongKongdollar | HKD | HongKong | Гонконг | |
| Jamaican dollar | JMD | Jamaica | Ямайка | |
| Liberiandollar | LRD | Liberia | Ліберія | |
| Namibiadollar | NAD | Namibia | Намібія | |
| newTaiwandollar | TWD | Taiwan | Тайвань | |
| NewZealanddollar | NZD | NewZealand | Нова Зеландія | |
| Surinamdollar | SRD | Surinam | Сурінам | |
| TrinidadandTobagodollar | TTD | TrinidadandTobago | Трінідад і Тобаго | |
| USdollar | USD | USA, Haiti, Panama, Puerto-Rico, Guam, East Timor etc. | США, Гаїті, Панама, Пуерто-Ріко, Гуам, Схід-ний Тимор і.т.д. | |
| Zimbabwedollar | ZWD | Zimbabwe | Зімбабве |
b) Some other widespread currencies are:
Dinar [`di:nα:] / [dı`nα:r] (Bahrein, Jordan, Iraq, Kuwait, Tunisia); Peso [`peısəu] (Argentina, Dominican Republic, Cuba, Mexico, Uruguay, Philippines); Franc (Congo, Niger, Senegal, Central African Republic, Chad); Pound (Ireland, Egypt, Cyprus, Lebanon, Syria).
c) Think and answer.
1. Why are some currencies particularly widespread worldwide?
2. What is the area of distribution of the euro? (What is the euro bloc?)
Task 3. a) The words below frequently occur after “CURRENCY”.
|
b) Which of the above word-combinations means:
· a market in which traders buy and sell currencies;
· a group of countries that use the same type of money;
· money of a particular system in the form of banknotes;
· the relation in value between two particular currencies;
· the act of changing the money of one country to the money of another country;
· an economic policy in which the value of a country’s currency is linked to that of a foreign currency;
· a fixed group of different currencies which some countries use to set a value for their own currency; the value that is calculated for this group;
· the mechanism of establishing exchange rates adopted by some European countries in 1972 (the mechanism suggested that exchange rate fluctuations between member countries could not exceed 2,25%).
Task 4. Translate the sentences taking into account the Ukrainian equivalents of the above word combinations.
1. Зміна валютного курсу в рамках встановлених меж; європейська валютна змія (1972-1979 рр.); “змія в тунелі” / “змія всередині тунелю” (обмінні курси можуть “повзати” у певних межах, заданих “стінками тунелю”);
2. “валютный коктейль” (розмовний термін, який застосовують стосовно валютних корзин);
3. валюта; грошовий стандарт; курс іноземної валюти;
4. прив’язка однієї валюти до іншої;
5. валютний ринок;
6. валютний блок;
7. валютна пара;
8. банкноти.
1. The dollar fell against the currency cocktail including the yen, the euro and the Canadian dollar. 2. The creation of the euro currency bloc facilitated integration processes on the European continent. 3. The euro weakened against the dollar on the currency markets. 4. The old currency notes have been taken out of circulation. 5. The euro and the United States dollar are the most popular currency pair. 6. The government was forced to abandon the one-to-one currency peg with the dollar. 7. Is there a currency exchange office nearby? 8. European currency snake was eventually replaced by the European Monetary System in 1979.
Task 5. a) The words below frequently occur in front of “CURRENCY”.
|
b) Translate into English.
1. Паперові гроші, які нічого не варті; 2. місцева (національна, вітчизняна) валюта; 3. “плаваюча валюта” (валюта, курс обміну якої може падати чи підніматися відповідно до попиту й пропозиції на ринку; при цьому вплив таких органів, як центральний банк, зведено до мінімуму); 4. ключова валюта (загальновизнана в світі валюта, що використовується для міжнародних розрахунків, як база для визначення валютних курсів і для створення резервів); 5. стійка (тверда) валюта (стійка валюта зі стабільним курсом, від якої у найближчому майбутньому не чекають знецінення); дефіцитна валюта; 6. знецінена валюта; 7. тверда (сильна, стійка) валюта (валюта зі стабільним курсом по відношенню до інших валют; такі валюти зазвичай вільно обмінюються на інші валюти й широко використовуються у міжнародних угодах як засіб платежу); металеві гроші (гроші у формі золотих або срібних монет на відміну від паперових грошей); 8. блокована валюта (валюта, яку можна лише тратити на потреби держави і заборонено вивозити за її межі або обмінювати на інші валюти).
Task 6. Think and answer.
1. Why do some currencies get depreciated?
2. Have you ever held wild cat currency in your hands?
3. What is Ukraine’s domestic currency? Is it a sound currency?
4. Is the hryvnia a floating currency? What is needed to make a currency floating?
5. Is it wise to keep your savings in two or three hard currencies?
6. What are the advantages of keeping your savings in domestic currency?
7. Do people tend to get rid of depreciated currency? What do they do for that?
8. Why can a currency get blocked? Can you give examples of blocked currencies?
9. What is the key currency these days?
Task 7. a) Study the following words.
| Deciding the value of a currency · Many developing economies have their currencies pegged to the dollar. · The government allowed the peso to float freely. · Countries devalued their currencies to encourage exports. · They revalued the currency to reflect the change in economic growth. Increases in value · The yen has appreciated around 7.5% against the dollar so far this year. · The Swiss franc is strengthening against the euro. Decreases in value · The central bank cannot afford to defend a depreciating currency. · The dinar weakened by 5% to the euro. |
b) Think and answer.
1. Why do many developing economies have their currencies pegged to a sound currency? Is our domestic currency pegged to a hard currency?
2. What are the risks and advantages of allowing a domestic currency to float freely?
3. Why do some governments devalue national currencies?
4. Under what circumstances can the need to revalue a currency arise?
5. Has the hryvnia appreciated or weakened against the dollar so far this year?
6. Is the euro strengthening against the dollar these days?
7. Who is responsible for defending a depreciating domestic currency? What measures can be taken by these institutions? Are they always efficient?
Task 8. Practice reading the following words.
| 1. actually [`ækt∫u ə li] 2. to allow[ə`lau] 3. to alter[`O:ltə] / [`O:ltər] 4. analogy[ə`næləGi] 5. angle[`æŋgəl] 6. artist[`α:tıst] / [`α:rtəst] 7. awkward[`O:kwəd] / [`O:kwərd] 8. calculation[ֽkælkju`leı∫ən] 9. to capture[`kæpt∫ə] / [`kæpt∫ər] 10. to circulate[`sə:kjuleıt] 11. conceptual[kən`sept∫u ə l] 12. to confuse[kən`fju:z] 13. convenient[kən`vi:niənt] 14. to create[kri`eıt] 15. criteria[kraı`tıəria] 16. deposits[dı`pOzıts] 17. to enable[ın`eıbəl] 18. to facilitate[fə`sıləteıt] 19. to grasp[grα:sp] / [græsp] 20. to halt[hO:lt] | 21. imaginary[ı`mæGınəri] 22. intangible[ın`tæn d ჳəbəl] 23. interchangeably[ֽıntə`t∫eın d ჳəbəl] 24. merely[`mıəli] / [`mırli] 25. nonetheless[ֽnAnðə`les] 26. to overestimate[ֽəuvə r `estımeıt] 27. participant[pα:`tısıp ə nt] 28. permanent[`pə:m ə nənt] 29. to quote[kwəut] / [kwout] 30. relative[`relətıv] 31. screeching[skri:t∫ıŋ] 32. standardised[`stændədaızd] 33. straight[streıt] 34. symbol[`sımbəl] 35. to touch[tAt∫] 36. through[θru:] 37. unreal[(ֽ)An`rıəl] / [(ֽ)An`ri: ə l] 38. value[`vælju:] 39. viewed[vju:d] 40. whereas[weə r `æz] / [ h we r `æz] |
Task 9. Read the text.
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