COMMENTS

Date: 2015-10-07; view: 520.

Text A

READING DRILLS

U N I T 15

1. Practise the pronunciation of the following words:

a) stress the first syllable:

money, currency, basically, reasonably, substance, medium, worth, store, value, serve, issue, government, shape, kind, modern, primitive, portable, share, payment, carry, measure, coin, checkbook, durable, normal, purchase, stable;

b) stress the second syllable:

exchange, convert, familiar, metallic, addition, inflation, consider.

Basically, money is what money does. This means that money can be any substance¹that functions as a Medium of Exchange, a Measure of Value, and a Store of Value.

As a medium of exchange, money is something generally accepted as²payment³for goods and services

As a measure of value, money expresses worth in terms that most individuals understand.

Money also serves as a store of value. This means goods or services can be converted into⁴money that is easily stored until some future time.

The different forms of money are in use in the United States today. The most familiar are coin and currency. The term coin refers to metallic forms of money. The term currency refers to paper money issued by government. While money has changed in shape, kind or size over the years, modern money still shares many of the same characteristics of primitive money. Modern money is very portable⁵when people carry checkbooks. For example, they really are carrying very large sums of money since checks can be written in almost any amount.

Modern money is very durable⁶. Metallic coins last a long time under normal use⁷and generally do not go out of circulation⁸unless they are lost. Paper currency also is reasonably durable. Modern money also rates high in divisibility⁹. The penny which is the smallest denomination of coin¹⁰, is more than small enough, for almost any purchase. In addition, checks almost always can be written for the exact amount. Modern money, however, is not as stable in value. The fact, that the money supply¹¹often grew at a rate 10 to 12 per cent a year was considered as major cause of inflation.

1. to be any substance — бути будь-якою річчю

2. to be accepted as — бути прийнятим як ...

3. payment — плата, платіж

4. to be converted into — бути конвертованим у ...

5. to be very portable — тут: легко переносити

6. to be very durable — тут: довго використовуватися

7. ... last a long time under normal use — за нормального використання довго перебувають в обігу

8. to go out of circulation — виходити з обігу

9. to rate high in divisibility — високо цінити за можливість поділятися

10. denomination of coin — вартість монети

11.money supply — грошова маса