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Golden coins are the examples of commodity money, because their gold content is a commodity.
A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.
A $10 note is worth far more as money than as a 3x6 inch piece of high-quality paper. Similarly, the monetary value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain. By collectively agreeing to use token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the manufacturing costs are tiny, why doesn't everyone make $10 notes? The essential condition for the survival of token money is the restriction of the right to supply it, Private production is illegal.
Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment. In modem economies, token money is supplemented by IOU money.
An IOU money is a medium of exchange based on the debt of a private firm or individual.
A bank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment.
Vocabulary:
the means of payment - средство платежа
medium of exchange – средство обращения
a standard of value – мера стоимости
a unit of account – единица учета
a store of value – средство сбережения (сохранения стоимости)
a standard of deferred payment – средство погашения долга
subsequently – впоследствии
a barter economy – бартерная экономка
to swap (to exchange, to barter) – обменивать, менять
to hand over in exchange – передать, вручить в обмен
a double coincidence of wants – двойное совпадение потребностей
a monetary unit – денежная единица
to remind of – напоминать
to be worthless – обесцениваться
an interest-bearing bank account – счет в банке с выплатой процентов
to pay interest – приносить процентный доход
to erode – зд. фактически уменьшаться
hard currency – твердая (конвертируемая) валюта
soft currency – неконвертируемая валюта
invariably – неизменно, постоянно
commodity money – деньги-товар
token money – символические деньги (дензнаки, жетоны, и т.п.)
to melt down – расплавить
tiny costs – мизерные затраты
to supplement – дополнять
legal tender – законное платежное средство
IOU money (I Owe You – я вам должен) деньги – долговое обязательство
a bank deposit – вклад в банке
Exercise 1: Choose the correct word:
1. Pounds (фунт) and ounces (унция) were traditional measures widely used in Britain, often (alongside / besides) metric measures before 2000.
2. Barter economies are believed to be more (convenient / wasteful) than the ones based on money.
3. We (distinguish between / accept both) real and nominal GNP.
4. (The exchange rate / barter) is known to be regulated by the Central Bank.
5. When measured, depreciation should be subtracted (вычитать) from the GNP to give a clear picture of the output that is (temporarily / actually) available for national consumption.
6. Initially, gold and other valuable metals were used (to keep an account of / to store) wealth over time.
7. Large firms are supposed to have a better chance of obtaining a loan from a bank than smaller firms, though there may be (exceptions / exchanges).
1 Plastic cards are reported to be (accepted / deferred) for payment only in Moscow, St. Petersburg, Lipetsk, Chelyabinsk and a few other cities and there is no commonly (accepted / distinguished) standard.
2 Due to poor communications across the country and the high initial cost of introducing (внедрять) plastic cards, Russia (finally / temporarily) has a less developed plastic card infrastructure than most European countries.
Exercise 2: Match the two parts of the sentences:
| 1. Classical economists considered money to be no more | a) either through private exchange dealers or a country's central bank. |
| 2. Money is an asset | b) known to be a means of measuring the value of men's labour. |
| 3. Money is used as a standard of deferred payment, | c) of exchanging one kind of financial asset or liability for another. |
| 4. Loans provided by commercial banks, building societies, etc. | d) than a medium of exchange. |
| 5. In addition to being a means of exchange money is also | e) or currency. |
| 6. Swap in a money market is a process | f) for it is an accepted measure of future payments in contracts. |
| 7. Exchange rate is | g) without the use of money. |
| 8. GNPs are measured in the country's local monetary unit, | h) the price of one currency in terms of some other currency, for instance, the price at which dollars might be exchanged for pounds. |
| 9. The foreign exchange market is a market where foreign currencies are sold and bought | i) are an essential source of money for everyday consumption and purchase of personal and business assets. |
| 10. Barter is a method of trading goods and services for other goods and services | j) that is accepted as a means of payment. |
Exercise 3: Fill in the gaps with the words and word combinations from Vocabulary to Text 1:
1 Money has no value in itself but serves as a … … … between commodities which we consider to be valuable for us.
2 Governments are supposed to... essential foods to meet the needs of
the population in case of emergency (в случае крайней необходимости, в чрезвычайных обстоятельствах).
3 Economists … … productive and unproductive labour.
4 Typically, consumers buy more of everything. However, there are.... Among... there are inferior goods.
5 Money as a … … … lets people determine prices for goods, and services and... them conveniently and less wastefully in a market rather than... one good directly for another as in barter....
6. A firm that has borrowed to see it through a sticky period (зд. помочь пережить тяжелые времена) may not be able to … … … when the bank demands.
7 When transferred from one bank... to another, money does not consist of any physical commodity.
8 Four Swedish ports are free trade zones where goods may be... duty-free for an unlimited period of time.
Exercise 4: Give Russian equivalents to the following using Vocabulary to Text 2:
1 exchange labour services for money
2 you must hand over in exchange a good or service
3 a double coincidence of wants
4 spend a lot of time and effort
5 make mutually satisfactory swap
6 a barter economy is wasteful
7 commodity generally accepted in payment for goods
8 prices are quoted and accounts are kept
9 its purchasing power is eroded by inflation
10 it's usually but not invariably convenient
11 cut back on other uses
12 exceeds its cost of production
13 by collectively agreeing
14 the survival of token money
15 society enforces the use of token money
16 token money is supplemented by IOU money
17 interest-bearing bank accounts
Exercise 5: Replace the words in italics by synonyms:
sometimes payment can be put off till later,
the vital feature of money;
its purchasing power is worn away,
the money is without value,
it is not always convenient;
time and effort are rare resources;
private production of money is against the law
Exercise 6: Find in the Text 2 English equivalents for the following:
1 средство платежа
2 средство обращения
3 мера стоимости
4 средство сбережения (средство сохранения стоимости)
5 единица учета
6 средство погашения долга
7 в обмен на
8 может быть впоследствии использовано
9 обмениваться товарам и услугами
10 бартерная экономика
11 измеряться
12 обесцененный
13 платить проценты
14 покупательная способность
15 промышленное использование
16 потребительское использование
17 деньги-товар
18 денежные знаки (символические деньги)
19 денежная стоимость
20 ограничение права
21 вклад в банке
22 банковская ссуда
23 законное платежное средство
24 долговое обязательство
Exercise 7: Translate the sentences with conjunction the … the … into Russian:
1 The greater a person's income, the more he will usually buy.
2 The higher the labour productivity, the lower the production cost.
3 The higher is the demand, the higher can the price for the commodity be.
4 The greater is the number of sellers in a market, the better choice can a buyer make.
5 The more inelastic is the demand, the more will a tax fall on purchasers rather than sellers.
6 The more efficiently is the equipment used, the higher is the labour productivity and the more effective is the production.
7 In each industry, the more workers there are, the greater is the total output of the good produced.
8 The higher the real wage, the more individuals the labour force comprises.
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| Text 2: Read the text and find the sentences which have the same information with the sentences in Text 1. | | | Exercise 8: Work out the meaning of for. Translate the sentences into Russian. |