94817

Money. Phrasal Verbs

Конспект урока

Иностранные языки, филология и лингвистика

Money has been around for a long time. But what, exactly, is money? Today, money is made of coins and paper. Before paper money and coins were introduced as permanent forms of money, people used a variety of other objects to serve as money for trading goods. Long ago money was any material that people thought of as valuable...

Английский

2015-09-17

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ТЕМА 1. MONEY

(заняття 1-2)

ПЛАН ПРАКТИЧНОГО ЗАНЯТТЯ № 1, 2

  1.  Пояснення нового граматичного матеріалу (Phrasal Verbs)
  2.  Виконання вправ на закріплення матеріалу (Murphy)
  3.  Введення нового лексичного матеріалу (ключові слова до теми)
  4.  Читання текстів, обговорення представленої теми, виконання вправ (Task 1.1-1.13)
  5.  Оголошення домашнього завдання (Home project: Choose one of the worlds currencies and make a presentation)
  6.  Обговорення домашніх проектів.

______________________________________

ТЕРМІНИ ДО ВИВЧЕННЯ

money

гроші

to fluctuate

коливатися

currency

валюта

to exchange

обмінювати

cash

готівка

account

рахунок

coins

монети

savings

заощадження

ATM

банкомат

to save up

заощаджувати

НАВЧАЛЬНІ ЗАВДАННЯ

TASK 1.1. Discuss the following issues with the group

  1.  Can you imagine the life of modern society without money?
  2.  Why do you think money was invented? What for?
  3.  Do you think people worked if they were paid not with money but with the things of first necessity? For how long would you have been prepared to work this way?
  4.  What role does money play in your life?

TASK 1.2. Read the text and answer the questions that follow.

ESSENTIAL VOCABULARY

merchant

торговець

shopper

покупець

a measure of value

міра вартості

token

знак, символ

to mint

карбувати монети

to deal in

торгувати

promissory note

боргове зобов’язання, вексель

FIRST MONEY

What is money? Money can be anything that is generally accepted in payment for goods and services.

Money has been around for a long time. But what, exactly, is money? Today, money is made of coins and paper. Before paper money and coins were introduced as permanent forms of money, people used a variety of other objects to serve as money for trading goods. Long ago money was any material that people thought of as valuable: whales’ teeth, beads, and bones. Other examples of early forms of money included: rice (China), dogs’ teeth (Papua New Guinea), small tools (China), metal disks (Tibet) and others.

As long ago as 3000 B.C., people in China used rice as money. They did not simply trade rice for other goods. Prices were set in rice. A merchant who sold cloth might decide that each bulk of cloth should cost one sack of rice. Buyers paid him in rice. He might then use the rice to buy a cart or something else he needed. This system worked better but it was not very practical. It must have been odd to see shoppers carrying loads of rice to the market. Shoppers were like mini-malls before cash was invented.

Native Americans of the Northeast invented a system of money in about 1500 A.D., in order to trade among local tribes and Europeans. The Native American money was called “wampum” and it consisted of beads and beaver pelts. Similarly, people on the island of Fiji in the Pacific used whales’ teeth as money until the early 1900s. Strings of beads and whales’ teeth must have been fun to use.

Primitive men began to use metals – particularly gold and silver, – in place of commodities as forms of money. Metals provided a measure of value and were easily stored or saved for future use. Metal could also be formed into coins or tokens of different sizes with different values. Early coins carried likenesses of kings and emperors, just as modern coins carry images of political leaders.

In the seventh century B.C., the government of Greece began minting coins made of gold and silver. A bit later, Romans, too, dealt in with the help of precious metal coins. In the Middle Ages, between 800 and 1100 A.D., pieces of gold became the standard currency. Within cities and towns, gold was very popular. But, like rice, it was heavy and hard to carry. Merchants who bought and sold goods between the cities had another problem, too. The roads they used were dangerous. Robbers often took their gold. So, instead of actually using gold, the merchants began using notes that promised gold. The notes had the merchant’s name on them so robbers would not be able to use them as easily as they could use gold. Over time, these “promissory notes” were exchanged just like gold. They became the first paper money. Having paper money must have been a relief to many merchants. It would still take hundreds of years, however, before paper money replaced other objects as currency.

Answer the following questions:

  1.  What materials served as money long ago?
  2.  What was the system of trade in China like?
  3.  When and where precious metal coins were minted for the first time?
  4.  What disadvantages did precious metal coins have?
  5.  What did merchants invent instead of using gold?

TASK 1.3. Study the following sentences. If necessary use the dictionary to find out what the italicized words mean.

  1.  Last week I spent £100 on food, and £20 on books.
  2.  I paid £200 for my new desk (It cost me £200).
  3.  Where do I have to pay for these things?
  4.  The mechanic charged me £100.
  5.  Could you lend me some money?
  6.  Could I borrow some money from you?
  7.  Children often waste their pocket money on dubious stuff they don’t need at all.
  8.  I’m saving (up) for a new bike. I should have enough by the end of the year. 

TASK 1.4. Transform the following sentences using words and phrases from the previous exercise.

  1.  I don’t spend much money at the time as I want to go to Egypt on vacations.
  2.  How much money do I have to give you for my purchase?
  3.  I gave Mike a pretty huge sum of money, and I’m afraid he won’t give it back. He’s up to the ears in debt.
  4.  I’m sick and tired of her unreasonable spending of my money.
  5.  You could take some money from your uncle without paying interest.
  6.  My aunt is so stingy. She seems to keep each penny for a rainy day.
  7.  They had no way but invite external auditors, who demanded a great deal of money for the audit.
  8.  I wonder if Stan gave money to Sam. He is so tight-fisted.
  9.  How much did the programmer demand for the installation?
  10.  We paid 45,000$ for this truck.

TASK 1.5. Work in pairs. Answer the following multiple choice questions.

1. What were first minted in ancient Lydia (part of what is now Turkey) about 2,600 years ago?

a) automatic cash machines;

c) one-armed bandits;

b) coins;

d) credit cards.

2. Someone who has no money at all is often described as …

a) broke;

c) bust;

b) broken;

d) shattered.

3. Which of these might a child receive from his / her parents?

a) a fee;

c) pocket money;

b) a pension;

d) a subsidy.

4. Something so valuable it cannot be bought can be described as …

a) valueless;

c) worthless;

b) priceless;

d) pricey.

5. If a company goes out of business because it cannot pay its debts, it …

a) is in the black;

c) is in the red;

b) breaks even;

d) goes bankrupt.

6. Which of these is money given to someone in authority to get them to do something dishonest?

a) a tip;

c) a deposit;

b) a bribe;

d) a ransom.

7. Which of these is not a way of describing someone who hates spending money?

a) flashy;

c) tight-fisted;

b) stingy;

d) miserly.

TASK 1.6. Try to answer the following questions:

  1.  In what circumstances might someone

… receive a subsidy?

… expect a tip?

… charge a fee?

… pay a deposit?

… demand a ransom?

… go bankrupt?

  1.  Have you ever

… been completely broke?

… bought something valuable that turned out to be worthless?

… won money from a one-armed bandit?

… paid or been offered a bribe?

  1.  Do you know anyone who is

… really stingy?

… always in the red?

… really flashy with his/her money?

TASK 1.7. Translate the following hot class phrases.

What can I buy for a $ 10 note?

What is the price / charge of …?

How much is it?

It’s very dear / expensive.

It’s rather cheap / inexpensive.

It must cost a pretty penny.

They hardly can make both ends meet.

How much do I owe you?

How much does it come to?

Keep the change, please.

It’s a tidy sum indeed.

I’m short of money.

He’s badly off.

He’s hard up.

He’s broke.

I’m three hryvnas short.

I haven’t got much money on me.

That was my bottom hryvna.

She can’t afford to buy / buying it.

Where is the currency exchange?

Where can I exchange my money?

TASK 1.8. Find the appropriate variant for each blank space using the following words.

buy in bulk

fee

bargain

haggle

discount

refund

Sometimes in the shop they ask you: “How do you want to pay?” You can answer: “In cash / by check / by credit card”.

When you buy (or, more formally, purchase) something in a shop, you usually pay for it outright but sometimes you buy on credit. Sometimes you may be offered a ______ or a reduction on something you buy at a shop. This means that you get, say, 10 pounds off perhaps because you are a student. You are often offered a discount if you ______. It is not usual to ______ about prices in a British shop, as it is in, say, a Turkish market. If you want to return something, which you have bought, to a shop, you may be given a ______, i.e. your money will be returned, provided you have a receipt.

The money that you pay for services, e.g. to a school or a lawyer, is usually called a ______; the money paid for a journey is a fare.

If you buy something that you feel was very good value, it’s a ______. If you feel that it is definitely not worth what you paid for it, than you can call it a rip-off (very colloquial).

TASK 1.9. Cross the odd one out.

  1.  to be in the black, to have money, to be prosperous, to be in the red;
  2.  to be in the red, to be up to the ears in debt, to be extremely well off, to be hard up;
  3.  to be broke, to be down and out, to be bankrupt, to be affluent;
  4.  fees, tips, fares, cash;
  5.  bank loan, credit, mortgage, discount.

TASK 1.10. Match the following list of words with their Ukrainian equivalents and then divide into two groups those which refer to buying and selling.

 Word

Meaning

__1. to purchase

a) легко продаватися (мати великий попит)

__2. to sell

b) купувати оптом (без упаковки)

__3. to buy up

c) купувати оптом

__4. to buy in bulk

d) скуповувати

__5. to buy wholesale

e) придбавати

__6to be sold like hot cakes

f) товар, який найкраще продається

__7bestseller

g) продавати

TASK 1.11. Read the text

WHAT ARE THE IMPORTANT FUNCTIONS OF MONEY ?

Various functions of money can be classified into three broad groups:

(a) Primary functions, which include the medium of exchange and the measure of value;

(b) Secondary junctions which include standard of deferred payments, store of value and transfer of value; and

(c) Contingent functions which include distribution of national income, maximization of satisfaction, basis of credit system, etc. These functions have been explained below:

1. Medium of Exchange:

The most important function of money is to serve as a medium of exchange or as a means of payment. To be a successful medium of exchange, money must be commonly accepted by people in exchange for goods and services. While functioning as a medium of exchange, money benefits the society in a number of ways:

(a) It overcomes the inconvenience of baiter system (i.e., the need for double coincidence of wants) by splitting the act of barter into two acts of exchange, i.e., sales and purchases through money.

(b) It promotes transactional efficiency in exchange by facilitating the multiple exchange of goods and services with minimum effort and time,

(c) It promotes allocation efficiency by facilitating specialization in production and trade,

(d) It allows freedom of choice in the sense that a person can use his money to buy the things he wants most, from the people who offer the best bargain and at a time he considers the most advantageous.

2. Measure of Value:

Money serves as a common measure of value in terms of which the value of all goods and services is measured and expressed. By acting as a common denominator or numeraire, money has provided a language of economic communication. It has made transactions easy and simplified the problem of measuring and comparing the prices of goods and services in the market. Prices are but values expressed in terms of money.

Money also acts as a unit of account. As a unit of account, it helps in developing an efficient accounting system because the values of a variety of goods and services which are physically measured in different units (e.g, quintals, metres, litres, etc.) can be added up. This makes possible the comparisons of various kinds, both over time and across regions. It provides a basis for keeping accounts, estimating national income, cost of a project, sale proceeds, profit and loss of a firm, etc.

To be satisfactory measure of value, the monetary units must be invariable. In other words, it must maintain a stable value. A fluctuating monetary unit creates a number of socio-economic problems. Normally, the value of money, i.e., its purchasing power, does not remain constant; it rises during periods of falling prices and falls during periods of rising prices.

3. Standard of Deferred Payments:

When money is generally accepted as a medium of exchange and a unit of value, it naturally becomes the unit in terms of which deferred or future payments are stated.

Thus, money not only helps current transactions though functions as a medium of exchange, but facilitates credit transaction (i.e., exchanging present goods on credit) through its function as a standard of deferred payments. But, to become a satisfactory standard of deferred payments, money must maintain a constant value through time ; if its value increases through time (i.e., during the period of falling price level), it will benefit the creditors at the cost of debtors; if its value falls (i.e., during the period of rising price level), it will benefit the debtors at the cost of creditors.

4. Store of Value:

Money, being a unit of value and a generally acceptable means of payment, provides a liquid store of value because it is so easy to spend and so easy to store. By acting as a store of value, money provides security to the individuals to meet unpredictable emergencies and to pay debts that are fixed in terms of money. It also provides assurance that attractive future buying opportunities can be exploited.

Money as a liquid store of value facilitates its possessor to purchase any other asset at any time. It was Keynes who first fully realised the liquid store value of money function and regarded money as a link between the present and the future. This, however, does not mean that money is the most satisfactory liquid store of value. To become a satisfactory store of value, money must have a stable value.

5. Transfer of Value:

Money also functions as a means of transferring value. Through money, value can be easily and quickly transferred from one place to another because money is acceptable everywhere and to all. For example, it is much easier to transfer one lakh rupees through bank draft from person A in Amritsar to person B in Bombay than remitting the same value in commodity terms, say wheat.

6. Distribution of National Income:

Money facilitates the division of national income between people. Total output of the country is jointly produced by a number of people as workers, land owners, capitalists, and entrepreneurs, and, in turn, will have to be distributed among them. Money helps in the distribution of national product through the system of wage, rent, interest and profit.

7. Maximization of Satisfaction:

Money helps consumers and producers to maximize their benefits. A consumer maximizes his satisfaction by equating the prices of each commodity (expressed in terms of money) with its marginal utility. Similarly, a producer maximizes his profit by equating the marginal productivity of a factor unit to its price.

8. Basis of Credit System:

Credit plays an important role in the modern economic system and money constitutes the basis of credit. People deposit their money (saving) in the banks and on the basis of these deposits, the banks create credit.

9. Liquidity to Wealth:

Money imparts liquidity to various forms of wealth. When a person holds wealth in the form of money, he makes it liquid. In fact, all forms of wealth (e.g., land, machinery, stocks, stores, etc.) can be converted into money.

TASK 1.12. Read the text

Qualities of Money

Following are the qualities of good money:

General acceptance

The essential quality of good money is that it should be acceptable to all, without any hesitation in the exchange for goods and services.

Portability

It is also an important quality of good money that is should be easily transferable from one place to another for doing business and making payment. The paper money is easier to carry because it has minimum possible wait than metallic money.

Storability

Money should be storable and it should not be depreciate with time. If the money used is perishable it will lose its value in few days. Paper money has this quality of storability.

Divisibility

Good money is that which could be divided into small units without losing any value.

Durability

Money should be durable. It should not lose its value with the passage of time. The gold and silver coins do not wear out quickly and quality of money remains the same.

Economy

It is important quality of good money that it should be made economically. If there is heavy cost on issuing more money that is not good money. Good money is that has low cost and more supply. Paper money has this quality of economy.

TASK 1.13. Read the text

TOP 10 CURRENCIES IN THE WORLD

In listing down the “To 10 Currencies in the World”, it is according to the popularity of the currency and being a stable one when it comes to foreign exchange. For most economists, the stability and popularity of a currency is the mirror of the current economic state of a country. And with this, the currencies which are listed here can be found on some of the countries which are included at the list of Developed Countries.  Having these currencies in your pocket gives you the chance of getting a pleasing exchange rate.

1- AMERICAN DOLLAR, UNITED STATES OF AMERICA

This is the known most popular currency in the world. This is always among the best performing currencies basing on the foreign exchange trends. As a matter of fact, many people around the world prefer to have American dollars since this can be exchanged very easy. Although United States of America is in the state of economic crisis, the dedicated investors there make the American dollar a currency which can be hardly beaten.

2- EUROPEAN DOLLAR, EUROPEAN UNION (EU)

This is the monetary unit of the European countries. Actually, looking to the foreign exchange tabulations, Euro performs better than the American dollar. However, Euro is a limited currency unlike the USD, which can be found on almost all online and offline retail stores and transactions. Many experts say that if only the European countries will allow Euro to be as free to have as what the USD can do, this can even topple the America dollars overwhelmingly at the top spot. Limited distribution of Euro to other countries is their way to avoid counterfeiting.

3- JAPANESE YEN, JAPAN

This is another contender when it comes to top currencies in the world. For all we know, Japan is among the most prosperous countries as it I the leading provider of gadgets and other technology-related goods. It has a huge and strong workforce making it remain at the leading countries in the world. The currency in Japan is quite unique because the lowest denomination of its offered banknote is 1000 yen and even reaching the 10,000 yen. However, it is very easy for you to get thousands of Japanese yen as long as you work there for good.

4- POUND STERLING, GREAT BRITAIN

Considered as the most classy and elegant denomination worldwide. Why? It is because of the materials used to manufacture the pound sterling coin. Each coin is made from pure silver thus, turning its name to “pound of sterling”. However, as the time passed by, “pound of sterlings” now turned to be “pound sterling”. Until now, this denomination is very evident in Great Britain. Tourists there even consider this as a souvenir which is a big no-no for the economists in Great Britain. Pound sterling is also called as “British pound”.

5- SWISS FRANC, SWITZERLAND

The history behind the formulation of Franc is very interesting. Actually, the Franc alone can be considered as one of the currencies which have been adopted by several countries already. The monetary unit Franc was originally used by France. Then, it was adopted by several affiliated countries including Switzerland. You can also see Franc being used by some of the former colonies of the French government like the Western Africa.

6- AUSTRALIAN DOLLAR, AUSTRALIA

This is another variety of dollar which is starting to be noticeable on foreign exchange tabulations. Actually, the popularity of the Australian dollar is so vast that almost 4 percent of the monetary international and local transactions have been using this monetary unit. With this, we can say that Australia is slowly coming up with a more stable monetary unit as more and more people starting to rely on their currency.

7- CANADIAN DOLLAR, CANADA

There is no question that Canadian dollar should be included at this list. Maybe you are wondering why Canadian dollar landed the 7th spot since it is not that popular when doing international transactions. Well, it is all because a lot of Canadians are fond of spending using this monetary unit. Actually, Canadians alone successfully toppled the other currencies which are more noticeable internationally. Since Canadians can spend a lot of their currency, this also proves that they have a stable economy.

8-  SWEDISH KRONE, SWEDEN

Swedish krone is another not so popular currency which is included at the top of the list. Sweden is a known to be a very stable country with balanced workforce and availability of jobs. Because of this, people there are lots of Swedish who can pend a lot of it gaining the 8th spot. Also, the foreign exchange tabulations for Swedish krone are above average. However, only few international foreign exchange shops can accept this currency.

9- HONG KONG DOLLAR, HONG KONG

Hong Kong is known to be among the Chinese countries. China is known to be the largest country in the world making the Hong Kong dollar among the top currencies in the world. A lot of people started to spend a lot of Hong Kong dollar. Tourists arriving at Hong Kong started to swarm on currency exchange shops and look for Hong Kong dollars to be spent there. The number of tourists which Hong Kong receives daily contributed a lot for it to attain 2 percent of the worldwide usage of its currency.

10- NORWEGIAN KRONE, NORWAY

The last spot was taken by the Norwegian krone. Norwegian krone is starting to be active in the foreign exchange market. More and more investors started to have their money on businesses there enabling this currency to be quite visible on international transactions. Actually, it already gained 1.5 percent of the total foreign exchange deals in the market.

TASK 1.14. Choose one of the worlds currencies and make a presentation


ТЕМА 1.
MONEY

(заняття 1-2)

ПЛАН ПРАКТИЧНОГО ЗАНЯТТЯ № 1, 2

  1.  Пояснення нового граматичного матеріалу (Phrasal Verbs)
  2.  Виконання вправ на закріплення матеріалу (Murphy)
  3.  Введення нового лексичного матеріалу (ключові слова до теми)
  4.  Читання текстів, обговорення представленої теми, виконання вправ (Task 1.1-1.13)
  5.  Оголошення домашнього завдання (Home project: Choose one of the worlds currencies and make a presentation)
  6.  Обговорення домашніх проектів.

______________________________________

ТЕРМІНИ ДО ВИВЧЕННЯ

money

гроші

to fluctuate

коливатися

currency

валюта

to exchange

обмінювати

cash

готівка

account

рахунок

coins

монети

savings

заощадження

ATM

банкомат

to save up

заощаджувати

НАВЧАЛЬНІ ЗАВДАННЯ

TASK 1.1. Discuss the following issues with the group

  1.  Can you imagine the life of modern society without money?
  2.  Why do you think money was invented? What for?
  3.  Do you think people worked if they were paid not with money but with the things of first necessity? For how long would you have been prepared to work this way?
  4.  What role does money play in your life?

TASK 1.2. Read the text and answer the questions that follow.

ESSENTIAL VOCABULARY

merchant

торговець

shopper

покупець

a measure of value

міра вартості

token

знак, символ

to mint

карбувати монети

to deal in

торгувати

promissory note

боргове зобов’язання, вексель

FIRST MONEY

What is money? Money can be anything that is generally accepted in payment for goods and services.

Money has been around for a long time. But what, exactly, is money? Today, money is made of coins and paper. Before paper money and coins were introduced as permanent forms of money, people used a variety of other objects to serve as money for trading goods. Long ago money was any material that people thought of as valuable: whales’ teeth, beads, and bones. Other examples of early forms of money included: rice (China), dogs’ teeth (Papua New Guinea), small tools (China), metal disks (Tibet) and others.

As long ago as 3000 B.C., people in China used rice as money. They did not simply trade rice for other goods. Prices were set in rice. A merchant who sold cloth might decide that each bulk of cloth should cost one sack of rice. Buyers paid him in rice. He might then use the rice to buy a cart or something else he needed. This system worked better but it was not very practical. It must have been odd to see shoppers carrying loads of rice to the market. Shoppers were like mini-malls before cash was invented.

Native Americans of the Northeast invented a system of money in about 1500 A.D., in order to trade among local tribes and Europeans. The Native American money was called “wampum” and it consisted of beads and beaver pelts. Similarly, people on the island of Fiji in the Pacific used whales’ teeth as money until the early 1900s. Strings of beads and whales’ teeth must have been fun to use.

Primitive men began to use metals – particularly gold and silver, – in place of commodities as forms of money. Metals provided a measure of value and were easily stored or saved for future use. Metal could also be formed into coins or tokens of different sizes with different values. Early coins carried likenesses of kings and emperors, just as modern coins carry images of political leaders.

In the seventh century B.C., the government of Greece began minting coins made of gold and silver. A bit later, Romans, too, dealt in with the help of precious metal coins. In the Middle Ages, between 800 and 1100 A.D., pieces of gold became the standard currency. Within cities and towns, gold was very popular. But, like rice, it was heavy and hard to carry. Merchants who bought and sold goods between the cities had another problem, too. The roads they used were dangerous. Robbers often took their gold. So, instead of actually using gold, the merchants began using notes that promised gold. The notes had the merchant’s name on them so robbers would not be able to use them as easily as they could use gold. Over time, these “promissory notes” were exchanged just like gold. They became the first paper money. Having paper money must have been a relief to many merchants. It would still take hundreds of years, however, before paper money replaced other objects as currency.

Answer the following questions:

  1.  What materials served as money long ago?
  2.  What was the system of trade in China like?
  3.  When and where precious metal coins were minted for the first time?
  4.  What disadvantages did precious metal coins have?
  5.  What did merchants invent instead of using gold?

TASK 1.3. Study the following sentences. If necessary use the dictionary to find out what the italicized words mean.

  1.  Last week I spent £100 on food, and £20 on books.
  2.  I paid £200 for my new desk (It cost me £200).
  3.  Where do I have to pay for these things?
  4.  The mechanic charged me £100.
  5.  Could you lend me some money?
  6.  Could I borrow some money from you?
  7.  Children often waste their pocket money on dubious stuff they don’t need at all.
  8.  I’m saving (up) for a new bike. I should have enough by the end of the year. 

TASK 1.4. Transform the following sentences using words and phrases from the previous exercise.

  1.  I don’t spend much money at the time as I want to go to Egypt on vacations.
  2.  How much money do I have to give you for my purchase?
  3.  I gave Mike a pretty huge sum of money, and I’m afraid he won’t give it back. He’s up to the ears in debt.
  4.  I’m sick and tired of her unreasonable spending of my money.
  5.  You could take some money from your uncle without paying interest.
  6.  My aunt is so stingy. She seems to keep each penny for a rainy day.
  7.  They had no way but invite external auditors, who demanded a great deal of money for the audit.
  8.  I wonder if Stan gave money to Sam. He is so tight-fisted.
  9.  How much did the programmer demand for the installation?
  10.  We paid 45,000$ for this truck.

TASK 1.5. Work in pairs. Answer the following multiple choice questions.

1. What were first minted in ancient Lydia (part of what is now Turkey) about 2,600 years ago?

a) automatic cash machines;

c) one-armed bandits;

b) coins;

d) credit cards.

2. Someone who has no money at all is often described as …

a) broke;

c) bust;

b) broken;

d) shattered.

3. Which of these might a child receive from his / her parents?

a) a fee;

c) pocket money;

b) a pension;

d) a subsidy.

4. Something so valuable it cannot be bought can be described as …

a) valueless;

c) worthless;

b) priceless;

d) pricey.

5. If a company goes out of business because it cannot pay its debts, it …

a) is in the black;

c) is in the red;

b) breaks even;

d) goes bankrupt.

6. Which of these is money given to someone in authority to get them to do something dishonest?

a) a tip;

c) a deposit;

b) a bribe;

d) a ransom.

7. Which of these is not a way of describing someone who hates spending money?

a) flashy;

c) tight-fisted;

b) stingy;

d) miserly.

TASK 1.6. Try to answer the following questions:

  1.  In what circumstances might someone

… receive a subsidy?

… expect a tip?

… charge a fee?

… pay a deposit?

… demand a ransom?

… go bankrupt?

  1.  Have you ever

… been completely broke?

… bought something valuable that turned out to be worthless?

… won money from a one-armed bandit?

… paid or been offered a bribe?

  1.  Do you know anyone who is

… really stingy?

… always in the red?

… really flashy with his/her money?

TASK 1.7. Translate the following hot class phrases.

What can I buy for a $ 10 note?

What is the price / charge of …?

How much is it?

It’s very dear / expensive.

It’s rather cheap / inexpensive.

It must cost a pretty penny.

They hardly can make both ends meet.

How much do I owe you?

How much does it come to?

Keep the change, please.

It’s a tidy sum indeed.

I’m short of money.

He’s badly off.

He’s hard up.

He’s broke.

I’m three hryvnas short.

I haven’t got much money on me.

That was my bottom hryvna.

She can’t afford to buy / buying it.

Where is the currency exchange?

Where can I exchange my money?

TASK 1.8. Find the appropriate variant for each blank space using the following words.

buy in bulk

fee

bargain

haggle

discount

refund

Sometimes in the shop they ask you: “How do you want to pay?” You can answer: “In cash / by check / by credit card”.

When you buy (or, more formally, purchase) something in a shop, you usually pay for it outright but sometimes you buy on credit. Sometimes you may be offered a ______ or a reduction on something you buy at a shop. This means that you get, say, 10 pounds off perhaps because you are a student. You are often offered a discount if you ______. It is not usual to ______ about prices in a British shop, as it is in, say, a Turkish market. If you want to return something, which you have bought, to a shop, you may be given a ______, i.e. your money will be returned, provided you have a receipt.

The money that you pay for services, e.g. to a school or a lawyer, is usually called a ______; the money paid for a journey is a fare.

If you buy something that you feel was very good value, it’s a ______. If you feel that it is definitely not worth what you paid for it, than you can call it a rip-off (very colloquial).

TASK 1.9. Cross the odd one out.

  1.  to be in the black, to have money, to be prosperous, to be in the red;
  2.  to be in the red, to be up to the ears in debt, to be extremely well off, to be hard up;
  3.  to be broke, to be down and out, to be bankrupt, to be affluent;
  4.  fees, tips, fares, cash;
  5.  bank loan, credit, mortgage, discount.

TASK 1.10. Match the following list of words with their Ukrainian equivalents and then divide into two groups those which refer to buying and selling.

 Word

Meaning

__1. to purchase

a) легко продаватися (мати великий попит)

__2. to sell

b) купувати оптом (без упаковки)

__3. to buy up

c) купувати оптом

__4. to buy in bulk

d) скуповувати

__5. to buy wholesale

e) придбавати

__6to be sold like hot cakes

f) товар, який найкраще продається

__7bestseller

g) продавати

TASK 1.11. Read the text

WHAT ARE THE IMPORTANT FUNCTIONS OF MONEY ?

Various functions of money can be classified into three broad groups:

(a) Primary functions, which include the medium of exchange and the measure of value;

(b) Secondary junctions which include standard of deferred payments, store of value and transfer of value; and

(c) Contingent functions which include distribution of national income, maximization of satisfaction, basis of credit system, etc. These functions have been explained below:

1. Medium of Exchange:

The most important function of money is to serve as a medium of exchange or as a means of payment. To be a successful medium of exchange, money must be commonly accepted by people in exchange for goods and services. While functioning as a medium of exchange, money benefits the society in a number of ways:

(a) It overcomes the inconvenience of baiter system (i.e., the need for double coincidence of wants) by splitting the act of barter into two acts of exchange, i.e., sales and purchases through money.

(b) It promotes transactional efficiency in exchange by facilitating the multiple exchange of goods and services with minimum effort and time,

(c) It promotes allocation efficiency by facilitating specialization in production and trade,

(d) It allows freedom of choice in the sense that a person can use his money to buy the things he wants most, from the people who offer the best bargain and at a time he considers the most advantageous.

2. Measure of Value:

Money serves as a common measure of value in terms of which the value of all goods and services is measured and expressed. By acting as a common denominator or numeraire, money has provided a language of economic communication. It has made transactions easy and simplified the problem of measuring and comparing the prices of goods and services in the market. Prices are but values expressed in terms of money.

Money also acts as a unit of account. As a unit of account, it helps in developing an efficient accounting system because the values of a variety of goods and services which are physically measured in different units (e.g, quintals, metres, litres, etc.) can be added up. This makes possible the comparisons of various kinds, both over time and across regions. It provides a basis for keeping accounts, estimating national income, cost of a project, sale proceeds, profit and loss of a firm, etc.

To be satisfactory measure of value, the monetary units must be invariable. In other words, it must maintain a stable value. A fluctuating monetary unit creates a number of socio-economic problems. Normally, the value of money, i.e., its purchasing power, does not remain constant; it rises during periods of falling prices and falls during periods of rising prices.

3. Standard of Deferred Payments:

When money is generally accepted as a medium of exchange and a unit of value, it naturally becomes the unit in terms of which deferred or future payments are stated.

Thus, money not only helps current transactions though functions as a medium of exchange, but facilitates credit transaction (i.e., exchanging present goods on credit) through its function as a standard of deferred payments. But, to become a satisfactory standard of deferred payments, money must maintain a constant value through time ; if its value increases through time (i.e., during the period of falling price level), it will benefit the creditors at the cost of debtors; if its value falls (i.e., during the period of rising price level), it will benefit the debtors at the cost of creditors.

4. Store of Value:

Money, being a unit of value and a generally acceptable means of payment, provides a liquid store of value because it is so easy to spend and so easy to store. By acting as a store of value, money provides security to the individuals to meet unpredictable emergencies and to pay debts that are fixed in terms of money. It also provides assurance that attractive future buying opportunities can be exploited.

Money as a liquid store of value facilitates its possessor to purchase any other asset at any time. It was Keynes who first fully realised the liquid store value of money function and regarded money as a link between the present and the future. This, however, does not mean that money is the most satisfactory liquid store of value. To become a satisfactory store of value, money must have a stable value.

5. Transfer of Value:

Money also functions as a means of transferring value. Through money, value can be easily and quickly transferred from one place to another because money is acceptable everywhere and to all. For example, it is much easier to transfer one lakh rupees through bank draft from person A in Amritsar to person B in Bombay than remitting the same value in commodity terms, say wheat.

6. Distribution of National Income:

Money facilitates the division of national income between people. Total output of the country is jointly produced by a number of people as workers, land owners, capitalists, and entrepreneurs, and, in turn, will have to be distributed among them. Money helps in the distribution of national product through the system of wage, rent, interest and profit.

7. Maximization of Satisfaction:

Money helps consumers and producers to maximize their benefits. A consumer maximizes his satisfaction by equating the prices of each commodity (expressed in terms of money) with its marginal utility. Similarly, a producer maximizes his profit by equating the marginal productivity of a factor unit to its price.

8. Basis of Credit System:

Credit plays an important role in the modern economic system and money constitutes the basis of credit. People deposit their money (saving) in the banks and on the basis of these deposits, the banks create credit.

9. Liquidity to Wealth:

Money imparts liquidity to various forms of wealth. When a person holds wealth in the form of money, he makes it liquid. In fact, all forms of wealth (e.g., land, machinery, stocks, stores, etc.) can be converted into money.

TASK 1.12. Read the text

Qualities of Money

Following are the qualities of good money:

General acceptance

The essential quality of good money is that it should be acceptable to all, without any hesitation in the exchange for goods and services.

Portability

It is also an important quality of good money that is should be easily transferable from one place to another for doing business and making payment. The paper money is easier to carry because it has minimum possible wait than metallic money.

Storability

Money should be storable and it should not be depreciate with time. If the money used is perishable it will lose its value in few days. Paper money has this quality of storability.

Divisibility

Good money is that which could be divided into small units without losing any value.

Durability

Money should be durable. It should not lose its value with the passage of time. The gold and silver coins do not wear out quickly and quality of money remains the same.

Economy

It is important quality of good money that it should be made economically. If there is heavy cost on issuing more money that is not good money. Good money is that has low cost and more supply. Paper money has this quality of economy.

TASK 1.13. Read the text

TOP 10 CURRENCIES IN THE WORLD

In listing down the “To 10 Currencies in the World”, it is according to the popularity of the currency and being a stable one when it comes to foreign exchange. For most economists, the stability and popularity of a currency is the mirror of the current economic state of a country. And with this, the currencies which are listed here can be found on some of the countries which are included at the list of Developed Countries.  Having these currencies in your pocket gives you the chance of getting a pleasing exchange rate.

1- AMERICAN DOLLAR, UNITED STATES OF AMERICA

This is the known most popular currency in the world. This is always among the best performing currencies basing on the foreign exchange trends. As a matter of fact, many people around the world prefer to have American dollars since this can be exchanged very easy. Although United States of America is in the state of economic crisis, the dedicated investors there make the American dollar a currency which can be hardly beaten.

2- EUROPEAN DOLLAR, EUROPEAN UNION (EU)

This is the monetary unit of the European countries. Actually, looking to the foreign exchange tabulations, Euro performs better than the American dollar. However, Euro is a limited currency unlike the USD, which can be found on almost all online and offline retail stores and transactions. Many experts say that if only the European countries will allow Euro to be as free to have as what the USD can do, this can even topple the America dollars overwhelmingly at the top spot. Limited distribution of Euro to other countries is their way to avoid counterfeiting.

3- JAPANESE YEN, JAPAN

This is another contender when it comes to top currencies in the world. For all we know, Japan is among the most prosperous countries as it I the leading provider of gadgets and other technology-related goods. It has a huge and strong workforce making it remain at the leading countries in the world. The currency in Japan is quite unique because the lowest denomination of its offered banknote is 1000 yen and even reaching the 10,000 yen. However, it is very easy for you to get thousands of Japanese yen as long as you work there for good.

4- POUND STERLING, GREAT BRITAIN

Considered as the most classy and elegant denomination worldwide. Why? It is because of the materials used to manufacture the pound sterling coin. Each coin is made from pure silver thus, turning its name to “pound of sterling”. However, as the time passed by, “pound of sterlings” now turned to be “pound sterling”. Until now, this denomination is very evident in Great Britain. Tourists there even consider this as a souvenir which is a big no-no for the economists in Great Britain. Pound sterling is also called as “British pound”.

5- SWISS FRANC, SWITZERLAND

The history behind the formulation of Franc is very interesting. Actually, the Franc alone can be considered as one of the currencies which have been adopted by several countries already. The monetary unit Franc was originally used by France. Then, it was adopted by several affiliated countries including Switzerland. You can also see Franc being used by some of the former colonies of the French government like the Western Africa.

6- AUSTRALIAN DOLLAR, AUSTRALIA

This is another variety of dollar which is starting to be noticeable on foreign exchange tabulations. Actually, the popularity of the Australian dollar is so vast that almost 4 percent of the monetary international and local transactions have been using this monetary unit. With this, we can say that Australia is slowly coming up with a more stable monetary unit as more and more people starting to rely on their currency.

7- CANADIAN DOLLAR, CANADA

There is no question that Canadian dollar should be included at this list. Maybe you are wondering why Canadian dollar landed the 7th spot since it is not that popular when doing international transactions. Well, it is all because a lot of Canadians are fond of spending using this monetary unit. Actually, Canadians alone successfully toppled the other currencies which are more noticeable internationally. Since Canadians can spend a lot of their currency, this also proves that they have a stable economy.

8-  SWEDISH KRONE, SWEDEN

Swedish krone is another not so popular currency which is included at the top of the list. Sweden is a known to be a very stable country with balanced workforce and availability of jobs. Because of this, people there are lots of Swedish who can pend a lot of it gaining the 8th spot. Also, the foreign exchange tabulations for Swedish krone are above average. However, only few international foreign exchange shops can accept this currency.

9- HONG KONG DOLLAR, HONG KONG

Hong Kong is known to be among the Chinese countries. China is known to be the largest country in the world making the Hong Kong dollar among the top currencies in the world. A lot of people started to spend a lot of Hong Kong dollar. Tourists arriving at Hong Kong started to swarm on currency exchange shops and look for Hong Kong dollars to be spent there. The number of tourists which Hong Kong receives daily contributed a lot for it to attain 2 percent of the worldwide usage of its currency.

10- NORWEGIAN KRONE, NORWAY

The last spot was taken by the Norwegian krone. Norwegian krone is starting to be active in the foreign exchange market. More and more investors started to have their money on businesses there enabling this currency to be quite visible on international transactions. Actually, it already gained 1.5 percent of the total foreign exchange deals in the market.

TASK 1.14. Choose one of the worlds currencies and make a presentation


 

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