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5
X. Read the text and answer the question:
What function does money fulfil?
Money
1. In the days of primitive man, thousands of years ago, money was not
used. Whenever a man wanted something he did not make or raise himself,
he had to find another person who possessed the desired article. Then he
had to offer something in exchange. It was not always this easy to find
people who were willing to trade. This troublesome method is known as
the “barter system”.
2. Primitive men first used as money things to wear or eat. In countries
where cattle were raised cows were often accepted as money. The Ameri-
can Indians used carved shells called wampum when they bought or sold
articles. Such things as tobacco, grains, skins, salt, beads have also been
used as money. These many varieties of money were eventually replaced
by pieces of metal, particularly gold and silver.
What Money Does for You
3. The very complicated system of trade which now exists
would be impossible without money. First, money serves as a medium of
exchange. Suppose that you are eager to buy a bicycle, and that you must
earn enough money to pay for it. You may do this, perhaps, by mowing
lawns for people in your neighborhood. You would have some difficulty in
finding a person who has a bicycle to sell and who, at the same time,
would be willing to hire you to mow his lawn. Therefore you mow lawns
for many different people who pay you with money for your services.
With this money you can go to a bicycle shop and make your purchase.
The merchant accepts your money and you get your bicycle. Money has
performed a service for you. It has enabled you to exchange your labor for
something you wanted.
4. Second, money serves as a "yardstick of value." This means that money
may be used to measure and compare the values of various things. You
may value your services in mowing a lawn at 75 cents an hour. The
bicycle you wish to buy may be priced at $40.00. You would have to work
about 53.5 hours to buy the bicycle. By learning the price asked for all
kinds of products, you may measure their value in terms of the work
required to earn the purchase price.
5. Third, money is also a "storehouse of value." A farmer might not be
able to hold his crops for a very long time because they are perishable. But
the results of his labor can be preserved for the future if he is paid in
money.
Fourth, money serves as a "standard for future payments." Suppose that
the dealer from whom you purchase your bicycle lets you have the bicycle
after you make a down payment of five dollars. You then agree to pay the
rest of the cost at a later date. You will not pay in eggs, baseballs, or roller
skates. You both recognize the value of money as a form in which later
payments can be made.
The Characteristics of Good Money
6. Gold and silver have come to be used as money because they have
certain characteristics which meet the requirements of good money.
Whatever is used as money must be generally desired by all people, or
else it will not be generally accepted in payment for goods or services that
are sold. It must be an article which is scarce, but not too scarce, so that
the supply cannot be suddenly changed. An increase in supply would de-
crease the value of the article so that it could not serve well as a yardstick
of value. The American colonists, who often used tobacco as money, soon
learned that it was not very suitable. When crops were good the value of
tobacco would fall. When there was a shortage because of crop failures
tobacco would be valued very highly.
7. Money must also be easily recognized, so that persons can tell its value
at a glance. It must wear well, because it will pass often from hand to
hand. Its value will be decreased if it wears out in the process of being ex-
changed many times. It must also be readily divisible to provide for frac-
tional values. Good money must be easy to carry around, but it cannot be
too small, or it will be easily lost.
English, 27/2001, page 14
XI. Complete the statements, selecting the letter of the best choice:
1. The best means of exchange is supposed to be _________ .
X. Read the text and answer the question: required to earn the purchase price.
What function does money fulfil? 5. Third, money is also a "storehouse of value." A farmer might not be
Money able to hold his crops for a very long time because they are perishable. But
the results of his labor can be preserved for the future if he is paid in
1. In the days of primitive man, thousands of years ago, money was not money.
used. Whenever a man wanted something he did not make or raise himself, Fourth, money serves as a "standard for future payments." Suppose that
he had to find another person who possessed the desired article. Then he the dealer from whom you purchase your bicycle lets you have the bicycle
had to offer something in exchange. It was not always this easy to find after you make a down payment of five dollars. You then agree to pay the
people who were willing to trade. This troublesome method is known as rest of the cost at a later date. You will not pay in eggs, baseballs, or roller
the “barter system”. skates. You both recognize the value of money as a form in which later
2. Primitive men first used as money things to wear or eat. In countries payments can be made.
where cattle were raised cows were often accepted as money. The Ameri-
can Indians used carved shells called wampum when they bought or sold The Characteristics of Good Money
articles. Such things as tobacco, grains, skins, salt, beads have also been 6. Gold and silver have come to be used as money because they have
used as money. These many varieties of money were eventually replaced certain characteristics which meet the requirements of good money.
by pieces of metal, particularly gold and silver. Whatever is used as money must be generally desired by all people, or
else it will not be generally accepted in payment for goods or services that
What Money Does for You are sold. It must be an article which is scarce, but not too scarce, so that
3. The very complicated system of trade which now exists the supply cannot be suddenly changed. An increase in supply would de-
would be impossible without money. First, money serves as a medium of crease the value of the article so that it could not serve well as a yardstick
exchange. Suppose that you are eager to buy a bicycle, and that you must of value. The American colonists, who often used tobacco as money, soon
earn enough money to pay for it. You may do this, perhaps, by mowing learned that it was not very suitable. When crops were good the value of
lawns for people in your neighborhood. You would have some difficulty in tobacco would fall. When there was a shortage because of crop failures
finding a person who has a bicycle to sell and who, at the same time, tobacco would be valued very highly.
would be willing to hire you to mow his lawn. Therefore you mow lawns 7. Money must also be easily recognized, so that persons can tell its value
for many different people who pay you with money for your services. at a glance. It must wear well, because it will pass often from hand to
With this money you can go to a bicycle shop and make your purchase. hand. Its value will be decreased if it wears out in the process of being ex-
The merchant accepts your money and you get your bicycle. Money has changed many times. It must also be readily divisible to provide for frac-
performed a service for you. It has enabled you to exchange your labor for tional values. Good money must be easy to carry around, but it cannot be
something you wanted. too small, or it will be easily lost.
4. Second, money serves as a "yardstick of value." This means that money
may be used to measure and compare the values of various things. You English, 27/2001, page 14
may value your services in mowing a lawn at 75 cents an hour. The
bicycle you wish to buy may be priced at $40.00. You would have to work XI. Complete the statements, selecting the letter of the best choice:
about 53.5 hours to buy the bicycle. By learning the price asked for all
kinds of products, you may measure their value in terms of the work 1. The best means of exchange is supposed to be _________ .
5
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