Контрольная работа №1
Вариант 1
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Money and its Functions.
Although the crucial feature of money is its acceptance as the means of payment or medium of exchange, money has other functions. It serves as a standard of value, a unit of account, a store of value and as a standard of deferred payment.
The Medium of Exchange.
Money, the medium of exchange, is used in one-half of almost all exchange. Workers exchange labor services for money. People buy and sell goods in exchange for money. We accept money not to consume it directly but because it can subsequently be used to buy things we do wish to consume. Money is the medium through, which people exchange goods and services.
To see that society benefits from a medium of exchange, imagine a barter economy.
A barter economy has no medium of exchange. Goods are traded directly or swapped for other goods.
In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is simultaneously a seller and a buyer. In order to see a film, you must hand over in exchange a good or service that the cinema manager wants. There has to be a double coincidence of wants. You have to find a cinema where the manager wants what you have to offer in exchange.
Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful. The use of money - any commodity generally accepted in payment for goods, services, and debts - makes the trading process simpler and more efficient.
Other Functions of Money.
Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as the unit of account, is the unit in which prices are quoted and accounts are kept.
Money is a store of value because it can be used to make purchases in the future.
To be accepted in exchange, money has to be a store of value. Nobody would accept money as payment for goods supplied today if the money was going to be worthless when they tried to buy goods with it tomorrow. But money is neither the only nor necessarily the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in pounds sterling or in some other hard currency. Although convenient, this is not an essential function of money. UK citizens can get bank loans specifying in dollars the amount that must be repaid next year. Thus the key feature of money is its use as a medium of exchange. For this, it must act as a store of value as well. And it is usually, though not invariably, convenient to make money the unit of account and standard of deferred payment as well.
Different Kinds of Money. Различные виды денег
In prisoner-of-war camps, cigarettes served as money. In the 19th century money was mainly gold and silver coins. These are examples of commodity money, ordinary goods with industrial uses (gold) and consumption uses (cigarettes), which also serve as a medium of exchange.
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 3 x 6 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 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 modern 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.
Tasks
1. Запишите следующие существительные во множественном числе:
- prisoner-of war-camp - prisoner-of war-camps;
- pound sterling - pounds sterling;
- soft currency - soft currencies;
- purchasing power - purchasing power;
- store of payment - stores of payment;
- bank deposit - bank deposits;
- interest-bearing bank Accountinterest-bearing bank accounts;
- high quality paper - - high quality papers
- standard of value - standards of value;
- unit of Accountunits of account.
2. Найдите эквиваленты для следующих словосочетаний в русском языке:
Means of payment – средства платежа;
medium of exchange – средство обращения;
a standard of value – мера стоимости;
a unit of account – единица учета;
a store of value – средство сохранения стоимости;
a standard of deferred payment – стандарт отсроченного (отложенного) платежа;
a barter economy – бартерная экономика;
to make mutually satisfactory swaps – принимать взаимовыгодные обмены;
to exchange labor services for money – обмен трудовых услуг на деньги;
to accept money in payment for goods – принимать день в уплату за товары;
to consume – потреблять, тратить, поглощать, расходовать;
a barter economy is wasteful – бартерная экономика считается (является) расточительной;
the purchasing power is eroded by inflation – покупательная способность подрывается инфляцией;
to exceed the cost of production – повысить (превысить) себестоимость продукции;
prices are quoted and accounts are kept – цены указаны и счета сохранены;
to cut back on other uses – сократить другие виды расходования;
interest-bearing bank account – процентные банковские счета.
3. Найдите эквиваленты для следующих словосочетаний в английском языке:
Средство платежа - Means of payment;
средство обращения - medium of exchange;
мера стоимости - a standard of value;
средство сбережения - a store of value;
единица учета - a unit of account;
средство погашения долга – means of repayment of a debt;
обмениваться товарами и услугами to exchange labor services for money ;
бартерная экономика - a barter economy;
обесцененный - devalued;
платить проценты – to pay interest-bearing;
покупательная способность - the purchasing power;
промышленное использование – industrial using;
потребительское использование - consumer using;;
деньги-товар – money-commodity;
денежные знаки - banknotes;
денежная стоимость – monetary value;
вклад в банке –a deposit;
банковская ссуда – bank loans;
долговое обязательство – promissory note;
законное платежное средство – legal tender.
4. Найдите в тексте предложения с герундием, причастием и инфинитивом (по одному примеру на каждое грамматическое явление), подчеркните найденное грамматическое явление и правильно переведите предложение.
Например: We accept money not to consume it directly…(инфинитив) – Мы принимаем деньги не для того, чтобы их непосредственно потреблять….
Society enforces the use of token money by making (герундий) it legal tender. - Общество обеспечивает использование символических денег, сделав их законным платежным средством.
By collectively agreeing to use token money, society economizes on the scarce resources required (причастие) to produce money as a medium of exchange. Коллективно согласившись использовать символические деньги, общество экономит на дефицитных ресурсах, необходимых для производства денег как средства обмена.
People must spend (инфинитив без частицы to a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Люди должны потратить много времени и усилий чтобы найти других людей, с которыми они могут заключить взаимовыгодные сделки (обмены).
5. Найдите в тексте синонимичные выражения для выделенных слов и словосочетаний:
- sometimes payment can be put off till later - deferred payment;
- its purchasing power is worn away – is wasteful;
- the money is without value - not to consume ;
- time and effort are rare resources - unusual;
- private production of money is against the law – illegal
6. Преобразуйте следующие предложения в активном (действительном) залоге в пассивный (страдательный) залог, сохраняя смысл предложения и временную форму глагола.
Например: In Russia people quote prices in rubles – In Russia prices are quoted in rubles.
1. Inflation will erode the real purchasing power of money. - The real purchasing power of money will be eroded by inflation
2. Society enforces the use of token money. - The use of token money is enforced by society.
3. IOU money supplement token money in modern economy. - Token money in modern economy is supplemented by IOU money.
4. The bank was obliged to pay if you presented the cheque. - The bank was obliged to pay if the cheque was presented by you.
5. People will accept bank deposits as a medium of exchange. Bank deposits as
a medium of exchange will be accepted by people.
6. People trade the goods directly or swap for other goods. - The goods directly or swap for other goods are traded by people.
7. Найдите определения следующих понятий и запишите ответы следующим образом: 1a,2b,3c…
1. Barter economy;
2. Purchasing power;
3. IOU money;
4. Token money;
modity money;
A. A medium of exchange based on the debt of a private firm or individual.
B. The ability of money to get a certain amount of goods.
C. Goods of industrial or consumption use that serve as money.
D. Type of economy that has no medium of exchange.
E. Means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.
Ответ: 1d, 2b, 3a, 4e, 5c
8. Переведите на русский язык отрывок «The medium of exchange».
Средства обмена.
Деньги, средство обмена, используются практически в половине всех бирж. Работники обменивают труд на деньги. Люди покупают и продают товары в обмен на деньги. Мы используем деньги не только непосредственно, но потому, что это впоследствии можем купить вещи, которые мы хотим иметь. Деньги-это средство, с помощью, которого люди обмениваются товарами и услугами.
Чтобы увидеть, что общество получает определенные выгоды от средства обмена, представьте себе бартерную экономику.
В бартерной экономике нет средств обращения. Товары продаются напрямую (непосредственно) или меняются на другие товары.
В бартерной экономике продавец и покупатель каждый должен знать, что он хочет иметь и что хочет предложить. Каждый человек является одновременно продавцом и покупателем. Для того, чтобы посмотреть фильм, вы должны передать в обмен какой-то товар или оказать услугу, которую хочет иметь менеджер кино. Там должно быть двойное совпадение желаний. Вы должны найти такой кинотеатр, к котором менеджер хочет именно то, что вы можете ему предложить в обмен.
Трейдинг-это очень затратное свойство в бартерной экономике. Люди должны потратить много времени и усилий, чтобы найти других людей, с которыми они могут заключить взаимовыгодные сделки (соглашения). Поскольку времени и сил не хватает, бартерная экономика расточительна. Использование денег означает, что любой товар, как правило, принимается в оплату за товары, услуги, и долги, и это делает торговый процесс более простым и эффективным.
9. Найдите в тексте ответы на следующие вопросы и запишите их:
1. What are the functions of money? Money serves as a standard of value, a unit of account, a store of value and as a standard of deferred payment. Money serves as a standard of deferred payment or a unit of account over time.
2. What kinds of money can you specify? I can specify: gold and silver coins, ordinary goods with industrial uses (gold) and consumption uses (cigarettes), which also serve as a medium of exchange.
3. What is a good store of value? Money has to be a store of value.
4. Is it possible to produce token money? Private production of token money is illegal.
5. What goods can serve as commodity money? Any commodity generally accepted in payment for goods, services, and debts - makes the trading process simpler and more efficient.
10. Переведите на английский язык следующие предложения:
Существуют несколько функций денег. - There are several functions of money
Деньги являются средством платежа или обращения, деньги можно использовать при покупке и продаже товаров и услуг. - Money are means of payment or medium of exchange, the money can be accepted money in payment for goods and services.
Деньги выступают и мерой стоимости. - Money act as a standard of value.
Деньги служат средством сбережения. - The money serves as a store of value.
Так как деньги являются наиболее ликвидным товаром, то они являются очень удобной формой хранения богатства.- Since money is the most liquid product, they are a very convenient form of storing wealth.
Однако деньги – не единственная форма хранения богатства. - However, money is not the only form of storage of wealth.
