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the money from the day's sale toward a college education sometime in
the future.
Money takes up very little space, and if you put it in a bank, it is
as safe as anything in this world can be. But modern money has some
very serious disadvantages as means of storing up value. In the old
days, when money was in the form of gold and silver coins, the metal
in each was really worth the amount stamped on the coin. But the pa-
per in modern paper money and even the metal in most modern coins
are worth very much less than the amount written on them. As a result,
the buying power of modern money can change very greatly in a short
time.
Money also serves as a unit of account. It is the unit in which
prices are quoted and accounts are kept. In Britain prices are quoted in
pounds sterling, in France in francs. It is usually convenient to use the
units in which the medium of exchange is measured as the unit of ac-
count as well. However there are exceptions. During the rapid German
inflation of 1922–23 when prices in marks were changing very
quickly, German shopkeepers found it more convenient to use dollars
as the unit of account. Prices were quoted in dollars eventhough pay-
ment was made in marks, the German medium of exchange.
There are different kinds of money.
In prisoner-of-war camps, cigarettes served as money. In the
nineteenth 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 me-
dium of exchange.
A token money is a means of payment whose value or purchas-
ing 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 3x6 inch piece of high-quality paper. 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
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a debt of the bank. When you have a bank deposit the bank owes you
money. Bank deposits are a medium of exchange because they are
generally accepted as payment.
(From Applied Economy, Economics, Streamline III)
Answer the questions (Texts 1 and 2):
What is money?
How are goods exchanged in a barter economy?
Why was the barter an unsatisfactory system?
What is a coin?
What is the history of paper money in Western civilization?
Why can we say the goldsmith became a kind of medieval
banker?
Why did merchants accept the receipts of goldsmiths in pay-
ment for goods?
Can you imagine a world without money in the form of coins
and paper currency? Why?
What qualities should money possess?
What are the functions (uses) of money?
Does modern money have any serious disadvantages as means
of storing up value?
What else can be used instead of money as a store of value?
What is the unit of account in our country?
When did Germany not use its own currency?
What is ‘commodity money’?
Explain in your own words what ‘token money’ means?
What is IOU money?
TEXT 3
Dealing with Foreign Currency and Money Abroad
A. Work in pairs. Read the article below which advises British
people on what sort of money to take with them when travelling
abroad. Answer these questions:
1. How many different methods are mentioned? Which?
2. Which method is recommended most highly?
the money from the day's sale toward a college education sometime in a debt of the bank. When you have a bank deposit the bank owes you
the future. money. Bank deposits are a medium of exchange because they are
Money takes up very little space, and if you put it in a bank, it is generally accepted as payment.
as safe as anything in this world can be. But modern money has some (From Applied Economy, Economics, Streamline III)
very serious disadvantages as means of storing up value. In the old
days, when money was in the form of gold and silver coins, the metal Answer the questions (Texts 1 and 2):
in each was really worth the amount stamped on the coin. But the pa- What is money?
per in modern paper money and even the metal in most modern coins How are goods exchanged in a barter economy?
are worth very much less than the amount written on them. As a result, Why was the barter an unsatisfactory system?
the buying power of modern money can change very greatly in a short What is a coin?
time. What is the history of paper money in Western civilization?
Money also serves as a unit of account. It is the unit in which Why can we say the goldsmith became a kind of medieval
prices are quoted and accounts are kept. In Britain prices are quoted in banker?
pounds sterling, in France in francs. It is usually convenient to use the Why did merchants accept the receipts of goldsmiths in pay-
units in which the medium of exchange is measured as the unit of ac- ment for goods?
count as well. However there are exceptions. During the rapid German Can you imagine a world without money in the form of coins
inflation of 1922–23 when prices in marks were changing very and paper currency? Why?
quickly, German shopkeepers found it more convenient to use dollars What qualities should money possess?
as the unit of account. Prices were quoted in dollars eventhough pay- What are the functions (uses) of money?
ment was made in marks, the German medium of exchange. Does modern money have any serious disadvantages as means
There are different kinds of money. of storing up value?
In prisoner-of-war camps, cigarettes served as money. In the What else can be used instead of money as a store of value?
nineteenth century money was mainly gold and silver coins. These are What is the unit of account in our country?
examples of commodity money, ordinary goods with industrial uses When did Germany not use its own currency?
(gold) and consumption uses (cigarettes) which also serve as a me- What is ‘commodity money’?
dium of exchange. Explain in your own words what ‘token money’ means?
A token money is a means of payment whose value or purchas- What is IOU money?
ing 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 TEXT 3
as a 3x6 inch piece of high-quality paper. The essential condition for
Dealing with Foreign Currency and Money Abroad
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 A. Work in pairs. Read the article below which advises British
by making it legal tender. The law says it must be accepted as a means people on what sort of money to take with them when travelling
of payment. abroad. Answer these questions:
In modern economies, token money is supplemented by IOU 1. How many different methods are mentioned? Which?
money. An IOU money is a medium of exchange based on the debt of 2. Which method is recommended most highly?
a private firm or individual. A bank deposit is IOU money because it is
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