A ten-pound note a fifty-pence piece

MONEY

Make a class survey to find out whether the students in your group know much about money.

How much do you know about money?

1. Do you know the price of a daily newspaper?

a) yes, exactly

b) approximately

c) I’ve got no idea

2. Do you know the price of a score of eggs?

a) yes, exactly

b) approximately

c) I’ve got no idea

3. Do you know how much you or your household spends on groceries each week?

a) yes, within 50 hryvnyas

b) yes, within 100 hryvnyas

c) I’ve got no idea

4. Do you know today’s exchange rate of Ukraine’s currency against the US dollar?

a) yes, exactly

b) approximately

c) I’ve got no idea

5. How many names of other countries’ currencies can you list?

a) ten or more

b) five to nine

c) four or fewer

6. Do you know the current rate of inflation in Ukraine?

a) yes, exactly

b) approximately

c) I’ve got no idea

7. Do you know the name and title of the person in the government in Ukraine who is in charge of finance?

a) yes, both the name and the title

b) only the name or the title

c) no, neither the name nor the title

8. How many banks in Ukraine can you name?

a) five or more

b) three or more

c) two, one or none

Give yourself 3 points for every a) answer, 2 points for every b) answer, and 1 point for every c) answer. Then add the points up.

9 points or less: you don’t know much about money.

10-15 points: you are reasonably well informed.

16-20 points: you are very well informed.

21 points: you are a money agent.

& Reading

Read the text and be ready to discuss it.

MONEY

Money is used for buying or selling goods, for measuring value and for storing wealth. Almost every society now has a money economy based on coins and paper notes of one kind or another. However, this has not always been true. In primitive societies a system of barter was used. Barter was a system of direct exchange a sheep, for example, for anything in the marketplace 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, feathers, skulls, salt, elephant tusks and tobacco have all 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.

A coin is a piece of metal, usually disc-shaped, which bears lettering, designs of numbers showing its value. Until the eighteenth and nineteenth centuries coins were given monetary worth based on the exact amount of metal contained in them, but most modern coins are based on face value, the value that governments choose to give them, irrespective of the actual metal content. Coins have been made of gold (Au), silver (Ag), copper (Cu), aluminium (Al), nickel (Ni), lead (Pl), zinc (Zn), plastic and in China even from pressed tea leaves. Most governments now issue money in the form of notes, which are really ‘promises to pay’. Paper money is obviously easier to handle and much more convenient in the modern world. Cheques, bank cards and credit cards are being used increasingly and it is possible to imagine a world where ‘money’ in the form of coins and paper currency will no longer be used. Even today, in the United States, many places, especially filling stations, will not accept cash at night for security reasons.

Exercise 1

Find expressions which mean:

1. A place to buy petrol.

2. A place where goods are bought and sold.

3. The period between 1801 and 1900.

4. The bony structure of the head.

5. Round and flat in shape.

6. An exchange of goods for other goods.

Exercise 2

Find words which mean:

1. Can be divided.

2. Lasts a long time.

3. Can be carried.

4. Can be recognized.

Exercise 3

Put these words in the correct places in the sentences below.

coins / cash / currency / money

1. The…………of Japan is the yen.

2. She has got a lot of…………….in the bank account.

3. It costs $10 if you are paying…………….. It'll be more if you pay by cheque.

4. Can you change this pound note into……………. for the coffee machine?

Exercise 4

Give the English equivalents to the words and phrases given. Be ready to use them in the sentences of your own.

1. вимірювання цінності 2. накопичення багатства 3. чіткі потреби 4. грошова цінність 5. незалежно від 6. пускати гроші в обіг

7. зручний у користуванні 8. безпосередній обмін 9. первісне суспільство 10. цінні метали 11. номінальна вартість 12. напис

Here are some examples of British money. The currency (= the type of money used in a country) is called sterling.

ten pounds fifty pence (they usually say 50p)

a ten-pound note a fifty-pence piece

banknotes coins

Exercise 5

Translate these currencies into Ukrainian, then match the currency with its country from exercise 6.

leu	zloty	rand	baht
dinar	cruseiro	rupiah	pound sterling
escudo	drachma	forint	guilder (florin)
rial	peseta	Danish krone	Austrian schilling
franc	lira	rouble	lev
markka	dollar	Czech crown	Swiss franc
Deutschmark	yuan	yen	Euro

Exercise 6

Write in English as many countries’ currencies as you can.

COUNTRY	CURRENCY	COUNTRY	CURRENCY
France Germany Brazil Japan England Spain Italy the USA Indonesia Russia China South Africa Iran Yugoslavia		Finland Poland Greece Thailand Holland (the Netherlands) Austria Bulgaria Switzerland Czech Republic Denmark Hungary Portugal Romania

Exercise 7

Find 10 world currencies in the word search.

d e s c u d o i a t i d j b n p e s e t a a f r a n c r r z l e v f o k l i r a c u e o n h o l b p t g r g s l n y e n m q e

Exercise 8

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 worldwide.

4. Name the coins and banknotes used in this country and one other country.

Exercise 9

Look at these sayings about money. Match the sayings with the meanings.

1. Money makes the world go round a) Money is the worst thing in the world if

you value it too highly.

2. Money can’t buy you love. b) You really need money, it’s the most

important thing in the world.

3. The love of money is the root of all c) You have to work to get money.

evil.

4. Money doesn’t grow on trees. d) You don’t need money, but you do

need love.

It is interesting to know

& Reading

Read the text and answer the questions that follow.

What is barter?

You give me a ton of bananas. I give you six computers. This is called barter. We exchange goods, but not money. It's a simple principle. Many people think barter is used in primitive societies, or perhaps in countries with a very weak currency. They don't think barter companies can be successful businesses.

But here are some surprising facts and figures. In the US there are more than 400 barter companies. Many were set up more than 30 years ago. Barter is a $6 million industry in the US. In the UK, barter companies are doing extremely good business. One of them, the Barter Company, began trading only three years ago. It now has eleven offices in the UK and Europe and manages barter business for 595 companies.

Why is barter increasing? Who needs barter, when you've got cash, at least not enough cash, and not at the right times. But they may have goods and services that they can't sell. They put these into a barter pool. The barter pool gives them exchange credit. With this credit they can 'buy' other goods and services from the pool.

So barter today is not the simple cross-trade of bananas for computers that we began with. In fact, you 'sell' your bananas to the pool, which contains office furniture, office equipment, clothing, printing, technology and so on. You can 'buy' from the pool what you need. Perhaps it's not surprising that the most traded items are accommodation and travel. Successful barter companies offer a big choice and are global and international. They are a safe investment for the twenty-first century.

Answer the questions:

1. Barter is used

a) only in countries with weak currency

b) only in primitive societies

c) in any business environment

2. Barter today is

a) a direct exchange of goods

b) buying and selling from a pool of goods

c) buying and selling for cash

3. Barter trade in the UK is

a) increasing

b) decreasing

c) staying at the same level

4. Who organizes barter trade today?

a) individual companies

b) specialized companies

c) governments.

Listening

Listen to a short story of the uses of, and alternatives to money. Decide which of the pictures of alternatives to money that are given below are mentioned. Answer the following questions:

1. When and where did they begin to use coins?

2. What were the first coins made of?

3. Has money been used only as a method of payment?

4. When did the use of paper money begin?

— Speaking

Discuss the following questions in your group:

1.What are the advantages and disadvantages of some of the alternatives to our idea of money mentioned in the listening exercise and of those shown in the pictures above?

2. What would be the consequence of a world without money? Would there be no poverty?

3. What are the advantages of using a bartering system?

Exercise 1

Translate the following sentences into English.

1. Який сенс накопичувати багатство, адже краще жити в своє задоволення.

2. Не могли б ви розміняти цю банкноту?

3. В усі часи гроші були засобом вимірювання цінності.

4. Бартер – це система безпосереднього обміну, яка використовувалася ще в первісному суспільстві.

5. Я не знаю, навіть приблизно, скільки коштує щоденна газета або два десятки яєць.

6. Гроші – це засіб купівлі та продажу товарів, вимірювання цінності та накопичення багатства.

7. На кожній монеті є напис та цифри, що свідчать про її цінність.

8. Гроші керують світом. Саме вони є причиною всіх негараздів.

9. Економіка будь-якого суспільства базується на грошах, які випускаються у вигляді монет та банкнот.

10. Монети виготовляються з таких цінних металів, як золото та срібло, а також із міді, свинцю та алюмінію.

11. Зараз номінальна вартість монет не залежить від вмісту металу в них.

12. Хоча паперові гроші зручні у користуванні, майбутнє за кредитними картками.

Topical vocabulary and speech patterns combined:

& Reading

Read the text and jot down the unknown words and phrases in your vocabularies.

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