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Vocabulary Focus. Ex. 1.Match the words from A with their synonyms from B. A B 1) illegal a) to postpone 2) a restriction b) a limitation 3)
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Ex. 1. Match the words from A with their synonyms from B.
| A | B |
| 1) illegal | a) to postpone |
| 2) a restriction | b) a limitation |
| 3) crucial | c) against law |
| 4) to consume | d) rare |
| 5) to benefit | e) to profit |
| 6) wasteful | f) a barter |
| 7) an exchange | g) to use up |
| 8) to defer | h) vital |
| 9) scarce | i) costly |
Ex. 2. The text contains a number of common verb-noun partnerships (e.g. to store money, to make purchases...). Match up the verbs and nouns below to make common collocations.
| A | B |
| 1) consume | a) prices |
| 2) exchange | b) a debt |
| 3) quote | c) money |
| 4) keep | d) goods and services |
| 5) settle | e) payment |
| 6) defer | f) accounts |
| 7) store 8) pay | g) interest h) value |
Ex. 3. Using a dictionary add as many words as possible into the table.
| Noun | Adjective/Adverb | Verb |
| industrial | ||
| accept | ||
| satisfactory | ||
| erode | ||
| speculative | ||
| financial | ||
| continuously |
Ex. 4. Match the Russian word-combinations with their English equivalents.
| A | B |
| 1) счётная единица | a) to be eroded by inflation |
| 2) обоюдное совпадение потребностей | b) a unit of account |
| 3) средство сбережения | c) a medium of exchange |
| 4) средство обращения | d) a store of value |
| 5) средство платежа | e) to swap for other goods |
| 6) обменивать на другие товары | f) a standard of deferred payment |
| 7) уменьшаться в результате инфляции | g) a double coincidence of wants |
| 8) взаимовыгодный обмен | h) a legal tender |
| 9) законное средство платежа 10) банковские счета, приносящие доход 11) неразменные на драгоценные металлы бумажные деньги; денежные знаки | i) a mutually satisfactory swap j) fiat/token money k) interest-bearing bank accounts |
Comprehension
Ex. 1. Complete the sentences.
1. Commodity money is…
2. Fiat money is …
3. In modem economies, fiat money is supplemented by …
4. Money is the medium through which…
5. The unit of account is the unit in which…
6. Money is a store of value because…
7. A standard of deferred payment is…
Ex. 2. Say whetherthe following is true or false.
1. Barter is an inefficient medium of exchange.
2. Money eliminates the need for barter.
3. Any item can successfully serve as money.
4. Money is said to be liquid because it is immediately available to spend for goods.
5. Only money can serve as a store of value.
Ex. 3. Answer the questions.
1. What is money?
2. What examples of commodity money are given in the text?
3. What is fiat money?
4. What is fiat money supplemented by in modern economies?
5. In what way does society enforce the use of fiat money?
6. Why can a bank deposit serve as an example of IOU money?
7. How are goods exchanged in a barter economy?
8. Why is trading expensive in a barter economy?
9. What are the functions of money? What do they imply?
Text 2