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15
a written receipt in exchange for the coins. In this way, the goldsmith
became a kind of medieval banker.
Merchants accepted the receipts in payment for goods because
they could redeem the receipts for gold at the goldsmith's shop. In
time, the goldsmiths' receipts became very popular with merchants and
travelers who had to move large sums of money. As their use spread,
the earliest form of paper money in Western Europe came into being.
Now most governments issue paper money in the form of notes,
which are really 'promises to pay'. It may or may not be backed by
gold or silver. Paper money is obviously easier to handle and much
more convenient in the modern world. Cheques, bankers' card, and
credit card are being used increasingly and it is possible to imagine a
world where 'money' in the form of coins and paper currency will no
longer be used.
Although anything can serve as money, it should possess the
following qualities:
● Portability. Modern money has to be small enough and light
enough for people to carry.
● Durability. The material chosen has to have a reasonable life
expectancy. For that reason most countries use a very high quality
paper for their money.
● Divisibility. One of the principal advantages of money over
barter is its ability to be divided into parts.
● Recognizability. Money should be easily recognized for what
it is and hard to copy. The quality of the paper and the engravings
make paper money extremely difficult to counterfeit.
TASKS
I. Find expressions which mean:
1. A place to buy petrol.
2. A place where goods are bought and sold.
3. The period between 1801 and 1900.
4. The bony structure of the head.
5. Round and flat in shape.
6. An exchange of goods for other goods.
16
II. Find words which mean:
1. Can be divided.
2. Lasts a long lime.
3. Can be carried.
4. Can be recognized.
III. Put these words in the correct place in the sentences be-
low: coins/cash/currency/money
1. The ... of Japan is the yen.
2. She has got a lot of ... in her bank account.
3. It costs £10 if you're paying ...: It'll be more if you pay by
cheque.
4. Can you change this pound note into ... for the coffee ma-
chine?
*
TEXT 2
Money and its Functions
Money provides us with a medium of exchange, a measure of
value, and a store of value.
A Medium of Exchange. It is the very greatest use. The princi-
pal difference between a barter economy and a money economy is that
in a barter economy you must find someone who has what you want
and wants what you have. In a money economy people can buy or sell
goods in exchange for money. Workers exchange labour services for
money. Money is the medium through which people exchange goods
and services.
A Measure of Value. Money enables us to state the price of
something in terms that everyone can understand. We can say the eggs
we have for sale are worth 85 cents a dozen. This is a far simpler than
having to figure out how much milk or meat we would expect in pay-
ment for a dozen eggs.
Store of Value. Money is a store of value because it can be used
to make purchases in the future. For example, our egg seller could put
*
For more exercises see File 1.
a written receipt in exchange for the coins. In this way, the goldsmith II. Find words which mean:
became a kind of medieval banker. 1. Can be divided.
Merchants accepted the receipts in payment for goods because 2. Lasts a long lime.
they could redeem the receipts for gold at the goldsmith's shop. In 3. Can be carried.
time, the goldsmiths' receipts became very popular with merchants and 4. Can be recognized.
travelers who had to move large sums of money. As their use spread,
the earliest form of paper money in Western Europe came into being. III. Put these words in the correct place in the sentences be-
Now most governments issue paper money in the form of notes, low: coins/cash/currency/money
which are really 'promises to pay'. It may or may not be backed by 1. The ... of Japan is the yen.
gold or silver. Paper money is obviously easier to handle and much 2. She has got a lot of ... in her bank account.
more convenient in the modern world. Cheques, bankers' card, and 3. It costs £10 if you're paying ...: It'll be more if you pay by
credit card are being used increasingly and it is possible to imagine a cheque.
world where 'money' in the form of coins and paper currency will no 4. Can you change this pound note into ... for the coffee ma-
longer be used. chine?*
Although anything can serve as money, it should possess the
following qualities: TEXT 2
● Portability. Modern money has to be small enough and light
Money and its Functions
enough for people to carry.
● Durability. The material chosen has to have a reasonable life Money provides us with a medium of exchange, a measure of
expectancy. For that reason most countries use a very high quality value, and a store of value.
paper for their money. A Medium of Exchange. It is the very greatest use. The princi-
● Divisibility. One of the principal advantages of money over pal difference between a barter economy and a money economy is that
barter is its ability to be divided into parts. in a barter economy you must find someone who has what you want
● Recognizability. Money should be easily recognized for what and wants what you have. In a money economy people can buy or sell
it is and hard to copy. The quality of the paper and the engravings goods in exchange for money. Workers exchange labour services for
make paper money extremely difficult to counterfeit. money. Money is the medium through which people exchange goods
and services.
TASKS A Measure of Value. Money enables us to state the price of
I. Find expressions which mean: something in terms that everyone can understand. We can say the eggs
1. A place to buy petrol. we have for sale are worth 85 cents a dozen. This is a far simpler than
2. A place where goods are bought and sold. having to figure out how much milk or meat we would expect in pay-
3. The period between 1801 and 1900. ment for a dozen eggs.
4. The bony structure of the head. Store of Value. Money is a store of value because it can be used
5. Round and flat in shape. to make purchases in the future. For example, our egg seller could put
6. An exchange of goods for other goods.
*
For more exercises see File 1.
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