Read and translate the text. cumbersome (adj.) - громоздкий, обременительный

2. Learn the vocabulary:

acceptable (adj.) - приемлемый

adequately (adv.) - адекватно

arrangement (n.) - устройство

article (n.) - изделие, товар

coincidence (n.) - совпадение

consider (v.) - рассматривать

cumbersome (adj.) - громоздкий, обременительный

deferred payment - отсроченный платеж

delivery (n.) - доставка

deteriorate (v.) - портиться

devote (v.) - посвящать

exchange rate - обменный курс

face (v.) - сталкиваться с чем-то

frustrating (adj.) - бесполезный

hire purchase - аренда с опционом покупки

hold (v.) - держать

invention (n.) - изобретение

installment (n.) - рассрочка

insure (v.) - гарантировать, страховать

laborious (adj.) - затрудненный

medium (n.) - средство, способ

merely (adv.) - только, просто

need (n.) - потребность, нужда

payment (n.) - платеж

promise (n.) - обещание

rely upon (v.) - полагаться на

remove (v.) - удалять

seek out (v.) - искать

similar (adj.) - подобный, похожий

spread (v.) - распределять, распространять

stock (n.) - запас

store (v.) - хранить, запасать

surplus (n.) - добавка

trading (adj.) - торговый

whereby (adv.) - посредством чего-то

3. Translate and answer the questions:

1. Каковы основные функции денег?

2. От чего зависит роль денег?

3. Почему в последнее время стало невыгодно хранить состояние в денежной форме?

4. Почему деньги являются лучшим способом отсроченного платежа?

5. Как работают торговые организации в системе денежной экономики?

4. Using suffixes -er, -or, -ier, -ent, -ial, elc., give nouns which are related to following:

bank	cash
invest	manage
direct	office
deposit	own

5. Find synonyms among the following words:

means, form, tool, frustrating, obtain, useless, need, instrument, shape, get, medium, commodity, general, require, labour, store, common, article, work, stock, deteriorate, significant, spoil, essential, apparent, con­duct, purchase, evident, carry out, buy

6. Fill in the blanks using given words:

granted, convenience, monetary, commodity, money, direct, inventions, barter, valuation

1. Money is one of man's greatest....

2. In the absence of some form of money, exchange may take the form of....

3. If a... is generally acceptable in exchanging for goods and services, it is....

4. Such exchanges are taken for....

5. The... of goods for goods would raise all sorts of problems regarding....

6. It is a great... to hold wealth in the form of money.

7. A complex trading organization based upon a system of credit can only operate in a... economy.

7. Make up questions to the words in italics:

1. In the absence of some form of money, exchange may take the form of barter.

2. As the extent of specialization increases, the barter sys­tem proves very inefficient.

3. A specialist metal worker must seek out a large num­ber of other specialists in order to obtain, by barter, the variety of goods he needs.

4. The alternative is to change his skins for some other article.

5. The use of money makes possible a great extension of the principle of specialization.

6. The use of money allows us to exchange hours of labour for an amazing variety of goods and services.

8. Home reading. Read and translate the text. Suggest the title:

Banknotes and coins are not the most important form of money in developed economies. In the UK about 90%, by value, of all transactions are settled by means of cheques. But cheques themselves are not money, they are merely orders to bankers to transfer money from one per­son to another. The money so transferred consists of bank deposits. If there is no money in the form of a bank deposit then any cheques drawn on that account will be worthless.

Cheques were used as early as the second half of the seventeenth century, but they did not come into general use until the second half of the nineteenth century. The Bank Charter Act of 1844 put strict limitations on the note issue at a time when the output of goods and services was expand­ing rapidly The need for an expansion of the money supply to keep pace with increasing output greatly stimulated the use of bank deposits.

This most developed form of money (i.e. bank deposit) consists of entries in the banks' ledgers, or more likely nowadays, of records on computer tapes. The greater part, in value terms, of the payments made each day are carried out by adjustment made to the totals in different bank deposits. A payment from one person to another merely requires that the banker reduces the amount in one deposit and increases it in another. Transferring money, therefore, has become little more than a kind of bookkeeping exercise; the money itself does not consist of some physical tangible commodity.

UNIT 5