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1. Why do people accept money?
2. What are the functions of money?
3. What are different kinds of money?
4. What is a barter economy?
5. Why is trading expensive in a barter economy?
6. What currency can be used as the unit of account?
7. What does IOU stand for?
VI. All the words below can be combined with bank in two – word partnership, e. g. bank holiday. Add the word bank either before or after each of the words below.
1) account
2) central
3) commercial
4) deposit
5) investment
6) manager
7) note
8) robbery
9) savings
VII. Answer the following money quiz:
1. What currencies are used in Japan, Australia, India and Russia?
2. What does the expression, ‘hard currency’, mean?
3. Name two credit cards which are usable world – wide?
4. Give two examples of imports that most countries impose customs duties on
5. Give three example of kind of income that would be classed as unearned
6. What is the Dow Jones index and what are its equivalents in London and Japan?
VIII. Fill in the gaps with the words and expressions from the text:
1. The crucial feature of money is its acceptance as ___________ or ___________.
2. People buy and sell goods ____________ for money.
3. In a barter economy goods are traded directly or __________ other goods.
4. People must spend a lot of ________________ finding othrs with whom they can make mutually _________.
5. Society considers it convenient to use _____________ to determine _____________ of different goods and services.
6. The unit of account is the unit in which prices are ______ and are kept.
7. During the rapid German inflation German shopkeepers found it ____
_______ to use dollars as___________________.
8. Money is a store of value because it can be used ____________________.
9. Nobody would accept money as payment for goods supplied today if the money was going ___________________.
10. Since money ___ __________________ and its ____________ power ________ by inflation, there are almost certainly better ways to store value.
11. UK citizens can get bank loans ______________________ the amount that ______________________ next year.
12. When you borrow, the amount to be repaid next year is measured in ___________________.
13. _______________ are ordinary goods with ______________(gold) and _______________ (cigarettes), which also serve as a medium of exchange.
14. To use a commodity money, society must either ____________ other uses of that commodity or devote ______________________ to producing ___________ of the commodity.
15. A token money is a means of payment whose __________as money greatly ______________ its cost of production or value in uses other ______________________.
16. By ________________________, society economizes on the scarce resources required to produce money as__________________.
17. The essential condition for the survival of token money is _____________________ to supply it.
18. Society enforces the use of token money by making it _____________.
19. In modern economies, token money ______________ by __________.
20. An IOU money is a medium of exchange based on _________________.
21. ___________ is IOU money because it is a debt of the bank.
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