Ex. 11. a) Fill each gap with a suitable word from the box

b) Sum up the text in 5-7 sentences and present your summary in class.

coin known invented handle forms small using big used objects money instruments called assets

What Is Money?

Money is an asset that serves as a means of payment, a store of value, and a unit of account. Money was_______a long time ago.

Gold and silver coins are the best_______form of money. They have the longest history and have been more widely accepted as payment than any other form of commodity money.

The popularity and universal acceptability of_______money is easy to understand. Coins are solid, attractive, hard-wearing and easy to______. In addition to the qualities mentioned above, coins can be produced in_______and_______denominations.

Societies________gold and silver have used other_______ as money, including shells, beads and pelts. Anything can serve as______ that is easily recognized, widely accepted, and not easily copied. Gold, shells, and pelts are no longer used as money in the majority of countries.

Today two kinds of financial_______serve as money: currency (coins and bills) and checking deposits at banks and thrift institutions.

Currency plus checking deposits at banks and thrifts is often _______ M1. The money that includes balances in money market funds, savings deposits in banks and thrifts and certain other liquid ______is called M2.

Along with coins, paper currency, and checking deposits, "plastic money" is widely _______ today. "Plastic money" comes in two _______ – credit cards and debit cards.

Words you may need:

asset n (зд.) инструмент

means of payment n средство платежа

store of value средство сбережения

unit of account расчетная единица

commodity money товар-посредник в роли денег (например, соль, мех)

solid adj (зд.) прочный

hard-wearing adj неизнашивающийся

denomination n достоинство (денег)

shell n раковина

bead n бусина

pelt n шкура

checking deposit вклад на текущем счете

M1 денежный агрегат M1

М2 денежный агрегат М2

"plastic money" «пластиковые деньги»