Give english equivalents to these word combinations заполнить бланк форму сберегательный счет

Деньги мера стоимости товаров и услуг, выполняющая роль всеобщего эквивалента, то есть они выражают в себе стоимость всех других
  1. Деньги — мера
    стоимости товаров и услуг, выполняющая
    роль всеобщего эквивалента, то есть
    они выражают в себе стоимость всех
    других товаров и обмениваются на любой
    из них.

  2. Обычно, деньгами
    становится товар с высокой ликвидностью,
    то есть тот, который легче всего
    обменять.

  3. Существует
    несколько функций денег.

  4. Во-первых, и прежде
    всего, деньги являются средством
    платежа, или обращения; деньги можно
    использовать при покупке и продаже
    товаров и услуг.

  5. Деньги выступают
    также мерой стоимости.

  6. Общество считает
    удобным использовать де­нежную
    единицу в качестве масштаба для
    соизмерения относительных стоимостей
    различных благ и ресурсов.

  7. Деньги служат
    средством сбережения.

  8. Поскольку деньги
    являются наиболее ликвидным товаром,
    то есть таким, который можно без проблем
    продать (обменять), то они являются
    очень удобной формой хранения бо­гатства.
    Это, однако, не единственная форма
    хранения богатства.

  9. Во время упадка
    в экономике, при высокой инфляции и
    обесценении денег, население, скорее
    все­го, будет хранить богатство в
    виде недвижимости или других дорогостоящих
    товаров — предметах искусст­ва,
    драгоценностях.

  10. Деньги, которые,
    являются долговыми обязательства­ми
    государства, коммерческих банков и
    сберегательных учреждений, имеют
    стоимость благодаря товарам и ус­лугам,
    которые приобретаются за них на рынке.

VII. Answer some questions:

  1. What is money?

  2. What are the functions
    (uses) of money?

  3. What’s a barter economy?

  4. How are goods exchanged in a
    barter economy?

  5. Why was the barter an
    unsatisfactory system?

  6. Can you
    imagine a world without money in the form of coins and paper
    currency? Why?

  7. What qualities should money
    possess?

  8. Does
    modern money have any serious disadvantages as means of storing up
    value?

  9. What else can be used
    instead of money as a store of value?

  10. What is the unit of account
    in our country?

  11. What are different kinds of
    money?

  12. What is
    commodity
    money
    ?

  13. Explain
    in your own words what token
    money

    means?

  14. What is IOU money?

  15. What is a coin?

Литература

Основная:
1, 5, 6.

Дополнительная:
2, 3, 4, 7.

Topic 9. Banks and banking

A bank is a financial
institution whose primary activity is to act as a payment agent for
customers and to borrow and lend money.

The way in
which a bank is organised and operates is determined by its
objectives and by the type of economy in which it conducts its
business. A bank may not necessarily be in business to make a
profit.

Banks are
closely concerned with the flow of money into and out of the
economy. They often co-operate with governments in efforts to
stabilize economies and to prevent inflation. They are specialists
in the business of providing capital, and in allocating funds on
credit.

Banks have three essential
functions, which are:

  • deposits

  • payments

  • credits

These three functions are the
basis of the services offered by banks. They make it possible for
banks to generate profits and to achieve their operating aims.

Banks
normally receive money from their customers in two distinct forms:
on current account, and on deposit account. With a current account,
a customer can issue personal checks. No interest is paid by the
bank on this type of account. With a deposit account, however, the
customer undertakes to leave his money in the bank for a minimum
specified period of time. Interest is paid on this money.

The bank
in turn lends the deposited money to customers who need capital.
This activity earns interest for the bank, and this interest is
almost always at a higher rate than any interest which the bank pays
to its depositors. In this way the bank makes its main profits. The
primary function of a bank today is to act as an intermediary
between depositors who wish to make interest on their savings, and
borrowers who wish to obtain capital. The bank is a reservoir of
loanable money, with streams of money flowing in and out. For this
reason, economists and financiers often talk of money being liquid,
or of the liquidity of money. Many small sums which might otherwise
be used as capital are rendered useful simply because the bank acts
as a reservoir. The system of banks rests upon a basis of trust.
Innumerable acts of trust built up the system of which bankers,
depositors and borrowers are part. They all agree to behave in
certain predictable ways in relation to each other, and in relation
to the rapid fluctuations of credit and debit. Consequently,
business can be done and checks can be written without any legal
tender visibly changing hands.

Banking

to
provide/to offer various services

a
variety of services =a wide range of services

services
provided/offered by banks include…

corporate
banking

private
customer banking

deposit

deposit
taking

to
take in deposits

to
advise

advice

to
protect buyers and sellers

to
guarantee payment

bank
guarantee

loan

to
extend/to grant a loan

to
repay a loan

loan
capital

to
borrow

borrower

to
lend (lent, lent)

lender

lending
rate

to
establish correspondent relations with…

to
run an account

overdraft

credit

credit
policy

credit
risks

to
assess credit risks

to
assess a bank’s performance

to
manage assets

assets
under management by…

to
manage money

to
manage investment portfolio

money
market transactions

capital
market transactions

to
handle commercial papers

to
handle government bonds

to
handle foreign exchange

rate
of exchange

exchange
rate fluctuations

to
adjust exchange rates

adjustment

boost/advance/gain

quotation

demand
for a currency

taxation

taxation
system

income
tax

property
tax

inheritance
tax

corporation
tax

capital
gains tax

value
added tax (VAT)

taxable

liable
to tax

tax
rate

marginal
rate

to
be tax exempt

to
charge/to levy taxes

tax
return/declaration

Банковские
услуги

предоставлять
различные ус­луги

широкий
спектр услуг

услуги,
предоставляемые бан­ками, включают…

банковский
бизнес, обслужи­вающий компании,
фирмы и другие юридические лица

банковское
обслуживание ча­стных лиц

депозит,
вклад

прием
депозитов

принимать
депозиты

сообщать,
авизовать

сообщение,
авизо

защищать
продавца и покупателя

гарантировать
платеж

банковская
гарантия

кредит

предоставить/дать
кредит

выплатить
кредит

заемный
капитал банка/компании

заимствовать

заемщик

предоставлять
кредит

кредитор,
заимодавец

кредитная
ставка

устанавливать
корреспондентские отношения с…

вести
счет

овердрафт:
получение кредита путем выписки чека
или пла­тежного поручения на сумму,
превышающую остаток средств на счете;

кредит

кредитная
политика

кредитные
риски: риски невозврата кредита

оценивать
кредитные риски

дать
оценку финансовой дея­тельности
банка

управлять
активами

активы,
находящиеся в управ­лении…

управлять
денежными средст­вами

управлять
инвестиционным портфелем (включающим
цен­ные бумаги, недвижимость то­вары,
депозиты и т.д.)

операции
на рынке средне­срочного и
краткосрочного капитала

операции
на рынке долгосроч­ного капитала

работать
с документацией по торговым сделкам

работать
с правительственны­ми облигациями

вести
валютные операции

обменный
курс

колебания
курса

корректировать
курсы

корректировка

повышение
(курса)

котировка
цены, курса, ставки (цена продавца или
покупателя)

спрос
на валюту

налогообложение

система
налогообложения

подоходный
налог

налог
на недвижимость

налог
на наследство

налог
с прибыли предприятий и компаний

налог
на прирост капитала

налог
на добавленную стои­мость

налогооблагаемый

подлежащий
налогообложению

ставка
налога

максимальная
ставка

быть
освобожденным от упла­ты налога

взимать
налог

налоговая
декларация

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transcription, транскрипция: [ fɔ:m ]

1. сущ.

1) форма; внешний вид; очертание to assume, take the form of smth. ≈ принимать форму чего-л. to assume human form ≈ принимать человеческий вид a fiend in human form ≈ волк в овечьей шкуре The cookies were in the form of squares. ≈ Булочки были квадратной формы. Syn : configuration, contour, figure, outline, shape, structure

2) фигура (особ. человека) This coat really fits one’s form. ≈ Это пальто действительно хорошо сидит на фигуре. Syn : body, figure, shape, build, physique

3) форма, вид abridged, condensed form ≈ сокращенная форма, сокращенный вариант concise form ≈ краткая форма convenient form, handy form ≈ удобная форма revised form ≈ исправленная форма The book came out in abridged form. ≈ Книга издана в сокращенной форме. Ice is water in another form. ≈ Лед — это вода только в другом виде. Syn : appearance, phase, aspect, manifestation

4) вид, разновидность The ant is a form of insect. ≈ Муравей — это вид насекомых. Syn : type, variety, kind, sort; genus, species, genre, class

5) порядок; общепринятая форма in due form ≈ в должной форме, по всем правилам

6) бланк, образец, форма; анкета to fill in a form брит., to fill out a form амер., to fill up a form уст. ≈ заполнить бланк tax form ≈ декларация о доходах tax return form ≈ бланк декларации о доходах application form

7) формальность; церемония, этикет, установленный порядок They didn’t follow the traditional form of the marriage service. ≈ Они не придерживались традиционных форм бракосочетания. Syn : prescribed method, rule, habit, proceeding, practice, ritual; etiquette, conventionality

8) манеры, поведение good form, proper form ≈ хороший тон, хорошие манеры bad form ≈ дурной тон, плохие манеры It’s bad form to come late to a formal reception. ≈ На официальную встречу опаздывать неприлично. Syn : social behavior, manner, deportment, conduct, style, mode; way, manner

9) готовность, состояние; хорошая спортивная форма The horse is in form. ≈ Лошадь вполне подготовлена к бегам. off form ≈ не в форме She was in superb form today. ≈ Она была сегодня в превосходной форме. If she’s in form, she can win the match easily. ≈ Если она будет сегодня в форме, она легко выиграет матч. Syn : trim, fettle, fitness, shape, top condition, healthy condition

10) скамья

11) класс (в школе) in the fourth form ≈ в четвертом классе

12) нора (зайца)

13) грам. форма bound form colloquial form combining form diminutive form free form inflectional form obsolete form plural form singular form surface form underlying form

14) иск. вид, форма; композиция You paint well, but your work lacks form. ≈ С красками у тебя все в порядке, но в твоей картине нет формы. Syn : order, system, structure, harmony, arrangement; shapeliness, proportion, symmetry

15) тех. модель, форма When the cement has hardened, the form is removed. ≈ Когда цемент затвердеет, форма удаляется. Syn : mold, cast, frame, framework, matrix

16) полигр. печатная форма

17) строит. опалубка

18) ж.-д. формирование (поездов)

19) расписание racing form ≈ расписание скачек, программа скачек

2. гл.

1) а) придавать форму, вид to form chopped beef into patties ≈ делать лепешки из кусков говядины б) принимать форму, вид

2) а) составлять, образовывать The sofa is formed of three separate sections. ≈ Диван составлен из трех отдельных секций. б) включать в себя, содержать ∙ Syn : compose, comprise, make up, constitute; serve to make up

3) а) создавать; формулировать (идею, план и т. п.) б) создаваться, возникать

4) воспитывать, вырабатывать, формировать (характер, качества и т. п.); дисциплинировать; приобретать He formed the habit of peering over his glasses. ≈ У него выработалась привычка смотреть поверх очков. Syn : develop, acquire, contract, pick up

5) а) формировать, образовывать; воен. формировать (части); ж.-д. формировать (поезда) They formed an army out of rabble. ≈ Они сформировали армию из толпы. б) формироваться, образовываться; строиться

6) тех. формовать Syn : mould

7) забираться в нору (о зайце) ∙ form up

форма; внешний вид; очертание — without shape or * бесформенный — in any shape or * в любом виде — in the * of a cube в форме куба — to take * принять должную форму — to take the * of smth. принимать вид /форму/ чего-л. — the cloud was changing its * облако меняло очертания фигура (человека) — well-proportioned * пропорциональное сложение, хорошая фигура — fair of face and * с прекрасным лицом и фигурой — I saw a well-known * standing before me я увидел перед собой хорошо знакомую фигуру обличье — Proteus was able to appear in the * of any animal Протей мог являться в обличье любого животного стать (лошади) форма, вид — literary * литературная форма — in tabular * в виде таблицы — in the * of a sonnet в форме сонета — in the * of a drama в драматической форме — * and substance форма и содержание — a sense of * чувство формы вид, разновидность; тип — *s of animal and vegetable life формы животной и растительной жизни — it’s a * of influenza это особая форма гриппа — a * of activity род деятельности стиль, манера — his * in swimming is bad он плавает плохо /плохим стилем/ — bad * дурной тон; плохие манеры — the rules of good * правила хорошего тона состояние; форма (часто спортивная); готовность — to be in (good) * быть в хорошем состоянии; быть в хорошей спортивной форме; быть в ударе — to be in bad *, to be out of * быть в плохом состоянии; быть в плохой (спортивной) форме; быть не в ударе, «не в форме» — to round into * (спортивное) приобретать спортивную форму настроение, душевное состояние — Jack was in great * at the dinner party Джек был в приподнятом настроении на званом обеде формальность; проформа — as a matter of *, for *’s sake для проформы, формально — to attach importance to *s придавать значение формальностям церемония, порядок — in due * по всем правилам — found in good and due * (дипломатическое) найденные в должном порядке и надлежащей форме (о полномочиях) — * of action (юридическое) процессуальная форма установившаяся форма выражения; формула — the * of greeting формула приветствия класс (в школе) — upper *s старшие классы — first * младший класс форма, бланк, образец; анкета — printed * печатный бланк — a * for a deed бланк /форма/ для соглашения — a * of application форма заявления — to fill in /up/ a * заполнить бланк /анкету и т. п./ длинная скамья, скамейка нора (зайца) (грамматика) форма слова (специальное) форма исполнения (машины) модель, тип, образец; торговый сорт (металла и т. п.) (техническое) форма для литья (полиграфия) печатная форма (строительство) форма; опалубка — * removal распалубка (математическое) выражение придавать форму, вид — to * a piece of wood into a certain shape придавать куску дерева определенную форму — to * smth. after /upon, from, by, in accordance with/ a pattern создавать /делать/ что-л. по определенному образцу — state *ed after the Roman republic государство, созданное по образцу Римской республики принимать форму, вид составлять, образовывать; формировать — these parts together * a perfect whole эти части образуют вместе гармоничное целое — the rain *ed large pools on the lawn от дождя на газоне образовались большие лужи — the clouds *ed a veil over the mountain-top облака затянули вершину горы — the baby is beginning to * short words ребенок начинает произносить короткие слова образовываться; формироваться — crystals *ed in the retort в реторте образовались кристаллы — clouds are *ing on the hills на вершинах холмов сгущаются облака (грамматика) образовывать — to * the plural of the noun образовать множественное число существительного создавать, составлять; формулировать — to * an idea создавать себе представление — to * an opinion составить мнение — to * a plan создать /выработать/ план — to * a habit приобрести привычку, привыкнуть (к чему-л.) возникать, оформляться — the idea slowly *ed in my mind эта мысль постепенно становилась у меня более отчетливой представлять собой; являться — chocolate *s a wholesome substitute for staple food шоколад является полноценным заменителем основных продуктов питания — bonds *ed the bulk of his estate основную часть его состояния представляли облигации тренировать, дисциплинировать; воспитывать; развивать — to * the mind развивать ум — to * the character воспитывать характер — to * a child by care воспитывать ребенка заботливо — to * good habits прививать хорошие привычки /навыки хорошего поведения/ формировать, организовывать; образовывать, создавать — to * a class for beginners создать группу начинающих — to * an army формировать армию — to * a government формировать правительство — to * a society организовывать общество — the children were *ed into small groups дети были разбиты на небольшие группы — they *ed themselves into a committee они сорганизовались в комитет (военное) строить — to * a column вытягиваться в колонну (военное) строиться (специальное) формировать (специальное) формовать (садоводчество) обрезать, подвергать обрезке; формировать крону забираться, забиваться в нору (о зайце) форма (таксономическая единица)

account ~ документ бухгалтерского учета

adjustment ~ схема регулирования

bill ~ бланк векселя bill ~ бланк счета bill ~ вексельный формуляр

blank ~ чистый бланк

business tax ~ бланк налоговой декларации для предпринимателя

charge ~ форма платежа

cheque ~ бланк чека

claim ~ бланк заявления о выплате страхового возмещения

clausal ~ вчт. стандартная форма

coding ~ вчт. бланк программирования

company ~ форма компании

complete a ~ заполнять бланк

contract ~ форма контракта

customs declaration ~ бланк таможенной декларации

customs ~ таможенный формуляр

data collection ~ вчт. форма для сбора данных

deposit ~ депозитный бланк

draft ~ эскиз бланка

due ~ установленная форма due ~ установленный образец

entry ~ вчт. бланк ввода информации

export ~ экспортный формуляр

form анкета ~ бланк ~ вид, разновидность ~ воспитывать, вырабатывать (характер, качества и т. п.) дисциплинировать; тренировать ~ заключать (договор) ~ класс (в школе) ~ нора (зайца) ~ образец, бланк; анкета ~ образовывать ~ стр. опалубка ~ основывать ~ полигр. печатная форма ~ порядок; общепринятая форма; in due form в должной форме, по всем правилам ~ придавать или принимать форму, вид; to form a vessel out of clay вылепить сосуд из глины ~ скамья ~ создавать(ся), образовывать(ся); I can form no idea of his character не могу составить себе представления о его характере ~ создавать ~ составить ~ составлять; parts form a whole части образуют целое ~ составлять ~ состояние, готовность; the horse is in form лошадь вполне подготовлена к бегам ~ сформировать ~ установленный образец, проформа, бланк, формуляр, анкета ~ установленный образец ~ утверждать ~ учреждать, образовывать, основывать ~ фигура (особ. человека) ~ тех. форма, модель ~ иск. форма, вид; literary form литературная форма ~ грам. форма ~ форма; внешний вид; очертание; in the form of a globe в форме шара; to take the form (of smth.) принять форму (чего-л.) ~ вчт. форма ~ форма ~ формальность, этикет, церемония; good (bad) form хороший (дурной) тон, хорошие (плохие) манеры ~ ж.-д. формирование (поездов) ~ воен. формирование, построение ~ ж.-д. формировать (поезда) ~ воен. формировать (части) ~ формировать(-ся), образовывать(ся); строиться ~ формировать ~ тех. формовать ~ формуляр forme: forme =form

~ придавать или принимать форму, вид; to form a vessel out of clay вылепить сосуд из глины

~ for advance statement форма заявления об авансовых платежах

~ for estimating future income форма для оценки будущего дохода

~ of a summons бланк судебной повестки

~ of a writ форма искового заявления

~ of borrowing форма займа

~ of cooperation форма кооперации

~ of government форма правительства ~ of government форма правления

~ of organization форма организации

~ of request бланк заявки ~ of request форма запроса ~ of request форма требования

~ of sales форма продажи

~ of saving форма сбережения

~ of taxation форма налогообложения

~ of tender форма заявки ~ of tender форма предложения

giro in-payment ~ бланк для платежа в системе жиросчетов

giro transfer ~ бланк для жироперевода

~ формальность, этикет, церемония; good (bad) form хороший (дурной) тон, хорошие (плохие) манеры

horizontal ~ выч. бланк счета

~ состояние, готовность; the horse is in form лошадь вполне подготовлена к бегам

~ создавать(ся), образовывать(ся); I can form no idea of his character не могу составить себе представления о его характере

in (good) ~ в ударе in (good) ~ «в форме» (о спортсмене)

~ форма; внешний вид; очертание; in the form of a globe в форме шара; to take the form (of smth.) принять форму (чего-л.)

in-payment ~ форма платежа

income tax ~ бланк декларации на подоходный налог

inquiry ~ анкета

legal ~ правовая форма legal ~ юридическая форма

letter ~ образец письма

linguistic ~ лингвистическая форма

~ иск. форма, вид; literary form литературная форма

market ~ форма рынка

missing letter ~ утерянный бланк письма

model ~ типовая форма

money order ~ бланк денежного перевода

mortgage deed ~ бланк залогового сертификата mortgage deed ~ бланк ипотечного свидетельства

narrative ~ форма отчета

order ~ бланк заказа order ~ бланк требования order ~ форма приказа

outpayment ~ форма выплаты

~ составлять; parts form a whole части образуют целое

payment notification ~ бланк уведомления о платеже

postal note ~ бланк почтового перевода на сумму до 5 долл. (США)

postal order ~ бланк денежного перевода

printed ~ печатный бланк

proposal ~ бланк заявки на торгах

receipt ~ бланк квитанции receipt ~ образец расписки

reduced ~ вчт. приведенная форма

registration ~ регистрационный бланк

reply ~ бланк для ответа

report ~ анкета report ~ опросный лист report ~ переписной бланк report ~ форма статистического опросного листа

requisition ~ бланк заявки requisition ~ форма заявки

screen ~ file вчт. файл экранных форм

sentential ~ вчт. сентенциальная форма

share transfer ~ форма передачи права собственности на акции

signature ~ образец подписи

stamped ~ бланк со штампом

standard ~ вчт. стандартная форма

statement ~ форма заявления

table ~ вчт. табличная форма

tabular ~ полигр. плоская печатная форма tabular ~ вчт. табличная форма

~ форма; внешний вид; очертание; in the form of a globe в форме шара; to take the form (of smth.) принять форму (чего-л.)

tax ~ бланк налоговой декларации

transfer ~ бланк перевода


Big English-Russian dictionary .

     Большой Англо-Русский словарь.
2012

I. Give Russian equivalents to the following word combinations:

to choose among competing products; consumer costs; to see advertisements in newspapers and magazines; to sell a lot of different products; a series of advertisements on TV and on the radio; the engine of prosperity; to promote self-indulgence; to create false needs; to encourage waste; to resolve a point at issue; harmful advertising.

II. Give English equivalents to the following word combinations:

реклама; стимулировать спрос; увеличить возможности серийного производства; коммерческое планирование производства; обобщение данных о конъюнктуре рынка; рекламное агентство; растущие потребности.

III. Answer the following questions.

1. What function does advertising serve in the eyes of many econo­mists? 2. What is the economic effect of spurring demand for products by means of advertising? 3. How does advertising help the public? 4. What do the manufacturers and stores tell the public with the help of advertising? 5. Where and how often do advertisements appear? 6. How do many advertisements reach the public? 7. How are advertising companies called? 8. What is the role of marketing research in advertising? 9. Whom does the great business of merchandising employ for advertising? 10. What is the difference in salaries of those employed in advertising? 11. What is the reverse side of advertising? 12. What are the ways to protect the consumer against false or harmful advertising? 13. Should people always rely on advertisements? 14. What’s your opinion on advertising in your country?

IV. Translate the following sentences into English.

1. Реклама используется как фирмами для увеличения объема продаж и ознакомления потребителей с новыми товарами, так и населением с целью продажи подержанных вещей. 2. Реклама информирует об имеющихся в продаже товарах, что помогает потребителям сделать разумный выбор. 3. Рекламные агентства проводят исследование рынка, создают рекламу и размещают ее в газетах и журналах. 4. Реклама стимулирует конкуренцию между фирмами, что может привести к более низким ценам и лучшему качеству товаров. 5. Используя рекламу и привлекательную упаковку, продавцы стараются развивать у потребителей устойчивые покупательские привычки. 6. Посредством рекламы потребители получают информацию о новых товарах и их качестве. 7. Распространение рекламного материала проведено за счёт продавца.

V. Read and translate the following texts a dictionary.

Advertising through mass media

Advertising refers to the use of various media to inform the pub­lic of a business, product or service offered. Advertising serves sev­eral purposes, but it is mainly designed to increase sales. Because of the power and expense of advertising, care should be used in the planning of its activities.

The media available for advertising are diverse and vary in effectiveness and cost: shopping publications, bulletins, skywrit­ing, kites and balloons, samples and demonstrations, catalogs, etc. Advertising through mass media is the most popular nowadays.

Several ranges of advertising exist, such as national retail, mail order, trade and industrial, and professional. Advertising should be planned according to the habits and tastes of the customer.

National advertising is that type of advertising which covers large areas. It is usually used by manufacturers and chain stores making use of mass media such as television and large circulation magazines.

Retail advertising is the most familiar type for the small busi­ness because this type may best serve its needs. The most frequently used medium for retail advertising is the local newspaper. It is relatively inexpensive for the market it reaches and can be control­led easily by the owner. Many consumers read the newspapers to plan their shopping.

They also may use leaflets, handbills, direct mail, or supple­mentary media. Many retailers also find radio an effective adver­tising medium.

For large stores and manufactures, television can supplement newspapers as a retail advertising medium.

Several points should be considered in planning advertising. A business owner should know how much advertising costs. Items of advertising must be chosen carefully. The product should be shown in sufficient detail to arouse interest and attract the customer. Ads should be timely: seasons, weather, holidays, parades, conventions and paydays should all be highlighted.

Good advertising policies result in increased patronage and greater sales.
Advertising chewing gum

One of the things which most visitors to the United States notice at once is the custom of chewing gum. Almost everyone in the Unit­ed States today chews gum, and more than 140 000 000 dollars worth of chewing gum is sold every year. This means that, on the average, each person in the United States spends a dollar a year for chewing gum, and chews during the year more than a hundred piec­es of «stick».

Chewing gum became popular in the United States mainly be­cause of the work of one man, William Wrigley, who for many years was head of the Wrigley Company. When William Wrigley entered the business in about 1890 people everywhere began to learn about chewing gum and to use it widely.

Wrigley liked to do things in a large way. In his first year he borrowed money and spent more than a million dollars on adver­tising. In every street-bar in the United States for years and years, there was a large advertisement telling all about Wrigley’s chew­ing gum. People complained that they couldn’t go anywhere with­out seeing Wrigley’s name. Several times Wrigley sent, free of charge, pieces of gum to every person in the telephone book of every city and town in the United States. Finally, he began to ad­vertise that it was good for the health to chew gum, that it calmed the nerves, that it helped to keep the teeth clean.

He used to send gum to every child in the United States on its second birthday. He employed pretty young girls who in loud, striped, orange-colored dresses used to go from city to city in groups of four or five, stand on street corners, and gave free samples of chewing gum to every person who passed by. Each girl gave free in this way about 5 000 sticks of Wrigley’s gum each day. As a result of this continuous advertising, people in the United States natural­ly began to use more and more chewing gum.
UNIT 19

Import and export

In recent decade, the world has seen an international trade boom unlike any other in history. Most large corporations earn a great portion of their revenues from their overseas ventures. And many nations owe a large share of their gross national product to the output of firms based beyond their borders.

In the age when many business people are thinking global­ly, it is just as important to understand the working of the world economy as it is to understand our national economy. Fortunate­ly, the same concepts of supply and demand, deficit and sur­plus also apply to international business. They just manifest themselves differently.

There are two sides to every trade relationship: buying and selling goods. In international trade, those who buy are import­ing goods or services from foreign sources; those who sell are ex­porting products to customers abroad.

When Honduras exports bananas to Switzerland, they can use the money they earn to import Swiss chocolate – or to pay for Kuwait oil or a vacation in Hawaii. The basic idea of interna­tional trade and investment is simple: each country produces goods or services that can be either consumed at home or ex­ported to other countries.

The main difference between domestic trade and interna­tional trade is the use of foreign currencies to pay for the goods and services crossing international borders. Although global trade is often added up in US dollars, the trading itself involves various currencies. Japanese videocassette recorder is paid for in German marks in Berlin, and German cars are paid for in US dol­lars in Boston. Indian tea, Brazilian coffee, and American films are sold around the world in currencies as diverse as Turkish liras and Mexican pesos.
Whenever a country imports or exports goods and services, there is a resulting flow of funds: money returns to the exporting nation, and money flows out of the importing nation. Trade and investment is a two-way street, and with a minimum of trade barriers, international trade and investment usually makes every­one better off.

In an interlinked global economy, consumers are given the opportunity to buy the best products at the best prices. By open­ing up markets, a government allows its citizens to produce and export those things they are best at and to import the rest, choosing from whatever the world has to offer.

Some trade barriers will always exist as long as any two countries have different sets of law. However, when a country decides to protect its economy by erecting artificial trade bar­riers, the result is often damaging to everyone, including those people whose barriers were meant to protect.

The Great Depression of the 1930s, for example, spread around the world when the United States decided to erect trade barriers to protect local products. As other countries retaliated, trade plumped, jobs were lost, and the world entered a long period of economic decline.

The balance of trade (the import-export balance) is deter­mined by the relationship between import and export. In years when we export more than we import, we have a favourable bal­ance of trade. People in other countries buy more from us than we buy from them, and money flows into our economy. In years, when imports exceed exports, the balance of trade is infavorable. Money flows out of our country into the pockets of our foreign suppliers.

The balance of payment is the broadest indicator of interna­tional trade, because it measures the total flow of money into the country over a period of time, usually one year. The balance of pay­ments encompasses not only the balance of trade, but also payments of foreign aid by governments and direct investment in assets.

The total values of exports and imports are not necessarily equal to each other. The difference between those two values is the net amount that a country lends to or borrows from the rest of the world. The consequence of importing more goods and serv­ices than a country exports is that it’s a net borrower from – not a net lender to – the rest of the world.
Vocabulary

trade boom – торговый бум

to earn – зарабатывать, получать доход, прибыль

revenue – доход, выручка

oversea – заграничный, иностранный

venture – рискованное предприятие, начинание

gross national product – валовой национальный продукт

output – продукция, продукт; выпуск; выработка

surplus – избыток, излишек

tp apply – применять, использовать, употреблять

to consume – потреблять, расходовать, тратить

domestic trade – внутренняя торговля

foreign currency – иностранная валюта

to flow out – тратить в большом количестве (о деньгах)

to give an opportunity – дать возможность

sets of laws – системы законов

to protect – защищать, охранять, ограждать

to erect – устанавливать, возводить, воздвигать

to retaliate – отплачивать, отвечать тем же самым

to plump – падать

decline – падение, спад, упадок

to determine – определять, устанавливать

to exceed – превышать

supplier – поставщик

broadest indicator – самый высокий показатель

to encompass – охватывать, заключать

net amount – чистая сумма (количество)

consequence – последствие, результат

borrower – заемщик

lender – заимодавец, кредитор

I. Give Russian equivalents to the following word combinations:

international trade boom; to earn revenue from; overseas ven­tures; output; to think globally; to understand the working of the economy; to manifest differ­ently; trade relationship; to cross international borders; flow of funds; to buy the best products at the best prices; to have different sets of laws; to erect trade barriers; to protect local products; to have (un)favourable balance of trade; to meas­ure the total flow of money; direct investment in assets.

II. Give English equivalents to the following word combinations:

валовой национальный продукт; национальная экономика; понятия предложение и спрос; избыток, излишек; потреблять, расходовать; внутренняя торговля; иностранная валюта; дать возможность; экономический спад; импорт превышает экспорт; поставщик; самый высокий показатель; чистая сумма (количество); результат; заемщик; кредитор.

III. Answer the following questions.

1. How can you prove that the world has seen an international trade boom in recent years? 2. How is it possible to understand the working of the world econo­my? 3. What are the two sides of every trade relationship? 4. What is the basic idea of international trade? 5. What is the main difference between domestic trade and interna­tional trade? 6. Why is trade and investment a two-way street? 7. What opportunity are consumers given in an interlinked global economy? 8. Will trade barriers always exist? 9. What are the results of erecting artificial trade barriers? 10. What is the balance of trade? 11. What is the balance of payment? 12. What is the consequence of the difference between the values of exports and imports?

VI. Translate the following sentences into English.

1. Они продают свою продукцию внутри страны, но на экспорт пока не вышли. 2. Британии надо уменьшить импорт, чтобы поддержать отечественное производство. 3. Импортеры и экспортеры иногда используют одну и ту же валюту. 4. Не платите импортеру в его собственной валюте. 5. Иногда правительство запрещает импорт определенных товаров по санитарным соображениям. 6. Рынок был не в лучшем состоянии, но снижение цен было незначительным.

V. Read and translate the following texts.

International business operations

International business operations, by their very nature, are complex, risky and require special understanding. Foreign busi­ness operations are more complex because the host country’s econ­omy may be different from the domestic economy.

One of the most common forms of international business is to import and export merchandise. Importing is particularly preva­lent in the retailing industry. Big companies have legions of buyers who scour the world, looking for merchandise to import. Smaller companies also handle imported goods, although they may pur­chase them through wholesalers in their country rather than direct­ly abroad.

The low-risk approach to international marketing is export­ing. Manufacturers often enter foreign markets by exporting. This enables them to test a market with small shipments before investing in expended production capabilities or foreign manufacturing fa­cilities.

Two basic approaches can be taken to exporting. Indirect ex­porting is handled by intermediaries such as buying and exporting agents who buy the products directly from their own name. Indirect exporters typically have no contact with customers in their foreign markets.

Direct exporting is handled directly by manufacturers and requires a great commitment of both managerial and financial resources. One of the least risky ways to export indirectly is through an export trading company, which buys everything from manufac­tured goods to raw materials and then resells these products in for­eign markets. The manufacturer receives a guaranteed price, and the trading company assumes all the risk.

Companies that want to export their products may do so direct­ly by calling on potential customers overseas, or they may rely on intermediaries in their country or abroad. Working through some­one with connections in the target country is particularly attractive to smaller companies and to those with little experience in interna­tional business. But many countries now have foreign trade offices that help importers and exporters interested in doing business with­in their borders.

  1. relative value
  2. to figure profits and losses
  3. tax receipts
  4. accounting task
  5. to accumulate wealth
  6. to withstand wear and tear
  7. to mint coins
  8. stability in value
  9. durability
  10. acceptability
  11. to make transactions
  12. payable on demand
  13. checkbook money
  14. representative money
  15. fiat money

Task 3.Translate the following sentences into Russian.

  1. Combining various coins permits buyers and sellers to make transactions of any size.
  2. If both of these conditions are met, many people will accumulate their wealth for later use.
  3. Metals such as gold and silver are ideal because they withstand wear and tear well.
  4. Divisibility also enhances money’s use as a standard of value because exact price comparisons between products can be made.
  5. Checks are representative money because they stand for the amount of money in a person’s account.
  6. Acceptability means that people are willing to accept money in exchange for their goods or services.

Task 4. Fill the gaps in the sentences below with the words and expressions from the box. There are two expressions which you don’t need to use.

Standard of value, portability, fiat money, store of value, stability in value, commodity money, medium of exchange, representative money, acceptability, accumulate their wealth, relative value, durability

  1. As a ________________, money assists in the buying and selling of goods and services.
  2. Money enables people to judge the ____________ of different items by comparing their prices.
  3. Money’s function as a _______________ is important to record keeping because it provides uniformity to accounting tasks.
  4. As money is nonperishable and keeps its value over time it is considered a ___________.
  5. People save money in order to ______________ for later use.
  6. Money’s ability to be used over and over again is called _____________.
  7. ____________ is money’s ability to be carried from one place to another and transferred from one person to another.
  8. ____________encourages saving and maintains money’s purchasing power.
  9. Precious metals such as gold and silver have often been used as __________ .
  10. Checks are __________ because they can be exchanged for currency.

Task 5. Find English equivalents for the following Russian expressions and words.

  1. средство обращения
  2. мера стоимости
  3. средство накопления
  4. ведение учета
  5. стоимость затрат
  6. единица бухгалтерского учета
  7. покупательная способность
  8. портативность
  9. делимость
  10. скоропортящийся
  11. депозит до востребования
  12. сберегательный счет
  13. срочный депозит
  14. вексель
  15. товарные деньги

Task 1. Read and translate the text.

Fiscal policy is one of the tools that governments have to keep the economy on a steady path. The two main components of fiscal policy are changes to the tax system and changes in government spending. But what changes can governments make in these two areas and how do changes affect the growth of the economy?

Let’s look at the tax system and in particular at income tax. Income tax is one of the biggest sources of income for a government. Many governments operate a system called progressive taxation.This means that the more you earn, the more tax you pay. People are usually allowed to keep some of their income without paying any tax. This is called thepersonal allowance.

The rest of their income is then taxed using the progressive system. For example:

Income
before tax
Personal
allowance
Tax to pay
after allowance
&0 – &1,999   10%
&2,000 – &29,999 &5,000 22%
&30,000 and over   40%

Governments can decide to change the size of the personal allowance or change the percentage that each income group has to pay. If the economy is growing too fast and demand for goods and services is more than the economy can supply, the government will want to slow down spending.

To do this they can decrease the personal allowance or they can increase the percentage to pay in tax. This will mean people have less disposable income and spending will slow down. If the economy is slowing down too much governments can do the opposite.

What about government spending? How does that affect economic growth? The key to this is something called the multiplier effect. To understand how this works, let’s look at an example. Imagine that the economy is not growing. This will make aggregate demand fall. In turn, productivity falls. This situation means that the nation’s resources are not all being used. In other words, there are surplus raw materials, machines are not being used and workers are unemployed. What the economy needs is a pull in demand for goods and services.

The government can provide this pull by spending a large amount of money on public projects. For example, imagine that the transport department decides to spend &200 million on building a new motorway. This will give work to building companies and jobs to unemployed workers. In other words, more resources are being used and the nation’s productivity is increased.

Companies and workers on the motorway project will save some of the money they earn but also spend some. The money they spend will be income for others in the economy. If half of the &200 million is spent, then the total national income has grown by this much:

&200 million + (0.5 x &200 million)

Each time a proportion of the income is passed on, the economy grows again:

&200 million + (0.5 x &200 million) + (0.5 x &100 million), etc.

In theory, the multiplier effect will continue until there is full employment and the nation’s resources are being used to their fullest extent.

Task 2. Now read the text again and answer these questions in your own words.

        1. What are the two tools of fiscal policy?
        2. What is someone’s personal allowance?
        3. What will the government do to taxes if the economy is slowing down?
        4. How can the government create more demand in the economy?
        5. When does the multiplier effect stop working?

Task 3. Choose the correct answer A, B or C from the list opposite.

  1. The ______department of the government looks after roads, railways and airports.
  2. The government hopes its _____ will help reduce unemployment.
  3. The parts that something is made of are sometimes called ________.
  4. _________ employment is when everyone who can work has a job.
  5. The money that you have after you’ve paid taxes is called your ______ income.
  6. The part of a person’s salary that is not taxed is called their personal ___________ .
  7. The government plans many new ___________ projects, such as building new hospitals and schools.
  8. Another word for extra goods that are not needed is _________.
  9. When the economy is working at full __________, it is using all its resources for production.
  10. A _____________ is a large, fast road which connects cities.
  11. A _______ is a plan for achieving something.
  12. In a _____ tax system, people who earn more pay more tax than people who earn less.

1. a. transport b. education c. defence

2. a. components b. allowance c. policy

3. a. income b. components c. capacity

4. a. absolute b. complete c. full

5. a. full b. disposable c. spending

6 a. allowance b. surplus c. capacity

7. a. personal b. public c. disposable

8. a. surplus b. shortage c. allowance

9. a. employment b. income c. capacity

10. a. path b. motorway c. railway

11. a. component b. project c. scheme

12. a. surplus b. progressive c. public

Task 4. Make up an investment project.

Background

Angel Investments”is based in Warsaw, Poland. It provides finance for start-up or young companies which need capital to develop their businesses.AI is run by a group of extremely rich people of various nationalities who made their fortunes in the computer and financial services industries. They enjoy the excitement of working with start-ups and small companies, and believe that Central and Eastern Europe offers outstanding opportunities for investment. They are willing to take risks and support projects which seem unusual or extraordinary. However they also expect to make money, usually by taking a stake in the business or a share of the profits.

A team of AIinvestors is currently considering several proposals. After hearing presentations from individuals and companies,AIwill decide which projects it will invest in, and how much money it will give to each one. They have ?5.5 million to invest in the projects.

You are an entrepreneur who needs finance for a new project; the rest of the group are AI investors.

Key points for product presentations

The Business

A description of the business

  • What does it do?
  • What is the name of the company?
  • What is the form of ownership and structure?
  • Who is it for?
  • Brief details about the team (age, education, experience, etc.).

The Product or Service

A brief description – including artwork, if possible.

  • What are the advantages of the product or service?
  • What are its unique features?

Marketing

  • Who are the existing or target customers?
  • Who are the competitors or possible future competitors?
  • What are the competing products, if any?
  • What about pricing policy?
  • How will the product or service be launched and promoted?
  • What are the selling and distribution methods?

Finance

  • How much finance is required and for what purposes(in detail)?

Proposals:

New magazine
You need to finance the first edition and launch of a new magazine. Amount required: ? 2.5 million, to finance production, editorial, office administration, distribution costs and promotion.

Relaxation tank centres
At these centres, stressed business people can float in tanks and forget about their problems. Other services will include advice about diet and skin care, a solarium, and sun beds, etc. Amount required: ? 2 million, to finance premises, equipment, staff and promotion.

New sport league
You have a background in sport and public relations. You want to set up a league for a sport which at present is not well-known, but could become very popular Amount required: ?2.5 million to finance administration and promotion, endorsements of the league by famous sports people, travel and legal costs.

International Publishing House
The company will look for young talented authors all over the world and publish their works. Amount required. ? 2 m. for research, premises, equipment, staff, legal costs.

Higher Educational Institution.
The College will train specialists in all economic (any other) and related spheres. Amount required: ? 1,5 m. for premises, equipment, administration, promotion and inviting world-famous professors.

High-tech Company
Your company will promote alternative sources of electric power.
Amount required: ? 3 m. for search of ideas, production, testing, marketing, equipment.

Your own idea for a product or service
You have an idea for a product or service. You have not yet written a business plan, but the AI team are willing to listen to your presentation. Amount required: At least ?3 million, to finance development, production, personnel, launch and marketing costs.

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a) the crucial feature of money; unit of account; to hand over; a store of value; to swap for other goods; a barter economy is wasteful; money pays no interest; monetary value; prices are quoted in pounds; interest-bearing bank accounts; a standard of deferred payment; tiny manufacturing costs; legal tender; IOU money

b) a financial intermediary; to credit the public with a deposit; liabilities are used as a means of payment; trustee savings banks; to credit; to debit; a transfer of funds; the asset side of the balance sheet; interest-earning assets; sight deposit; time deposit; to have notification of a withdrawal

Финансовый посредник; Кредитовать общественность депозитом; Обязательства используются в качестве платежного средства; Сберегательные банки попечителей; кредитовать; Дебетовать; Перевод средств; Активная сторона баланса; Активы, приносящие процентный доход; Прицельный депозит; срочный вклад; Получать извещение об отзыве

П. Find in the texts English equivalents for the following.

a) отсроченные платежи; двойное совпадение желаний; совершать взаимовыгодный обмен; средство сохранения стоимости; расточительный; средство сбережения; приносящий проценты счет в банке; покупательная способность; фактически уменьшать доходы; денежные знаки; законное платежное средство; выписывать чек третьему лицу

b) финансовый посредник, кредитно-финансовое учреждение; денежная масса; государственная лицензия; система взаимозачетов; иметь смысл; сокращать издержки; кассовый резерв; активы, приносящие проценты; ссуда, кредит; фондовая биржа; цены колеблются; ценные бумаги; срочный вклад; точно установленный период времени

Financial intermediary, credit and financial institution; Money supply; State license; Offsetting system; Make sense; Reduce costs; Cash reserve; Assets bearing interest; Loan, credit; Stock Exchange; Prices fluctuate; Securities; Urgent contribution; Exactly fixed period of time

Ш. Say what is meant by:

a barter economy is wasteful; purchasing power of money is eroded by inflation; a token money; IOU money; the deposit; to handle payments by check; a clearing system; liquidity; a sticky period for a firm; sight deposit; time deposit; to have notification of any withdrawal; certificates of deposit

IV. Listening.

1. Listen to the lecture to answer the questions in the textbook.

2. Listen to the lecture again taking notes to give a summary of it.

V. Match the words (1 – 5) with their corresponding definitions (a – e):

1. uni
2. commercial bank
3. sight deposit
4. time deposit
5. reserve ratio
 
a) a type of bank account from which you can take out money immediately without paying a charge and without informing the bank in advance
b) a bank involved in international trading and providing services for business and organizations rather than for individuals
c) one of the banks that issues and accepts cheques and passes them through the banking system
d) the amount of money a financial institution possesses in relation to the amount of money it has lent
e) a bank account in which you must leave your money for a minimum period of time and from which you can only take out money after informing the bank in advance

VI. Match the words in the left-hand column with their synonyms:

1. sight deposit d a) to contain

2. time deposit c b) invariable

3. crucial e c) term deposit

4. fixed d) call deposit

5. to lend 3 e) decisive

6. to comprise 5 f) to loan

7. liability g) payment

8. notification h) obligation

9. account i) later

10. subsequently j) information

VII. Fill in the gaps in the following text:

backed; considerable; define; acceptable; money; status; currency; commodity; reveals; legal tender; medium of exchange; broad; accepted; supply

Money

Most of us use 1)_____every day. We see it, touch it, and spend it. But how many of us can 2)______it adequately? Usually money is defined too narrowly. Some define it as the 3) ______ of a nation: others think of it in terms of 4) ______ ; still others refer to it as the 5)______. Such definitions, however, automatically exclude large portions of our money. To include all segments of our money 6)______, we must use a 7)______definition. Thus, we can say that money is commonly 8)______in exchange for other goods and services.

9)______ money refers to the use of some commodity as money. Many

commodities — such as stones, shells, various crops, metal, and paper — have served as money in various countries of the world. American history 10)______that tobacco, corn, beads, warehouse receipts, and bank notes, in addition to metal coin and paper currency, have served as money. In fact, many of these monies were given the 11)______of legal tender, which means that they were 12)______for the payment of debts, both public and private.

There are two basic types of modern money, each of 13)______importance: token money and paper money. Token or metallic money consists of coins — a special type of commodity money in which a metal such as gold, silver or copper is used. Paper money takes the form of bills and notes. It may or may not be 14)______by gold or silver.

a) the crucial feature of money; unit of account; to hand over; a store of value; to swap for other goods; a barter economy is wasteful; money pays no interest; monetary value; prices are quoted in pounds; interest-bearing bank accounts; a standard of deferred payment; tiny manufacturing costs; legal tender; IOU money

b) a financial intermediary; to credit the public with a deposit; liabilities are used as a means of payment; trustee savings banks; to credit; to debit; a transfer of funds; the asset side of the balance sheet; interest-earning assets; sight deposit; time deposit; to have notification of a withdrawal

Финансовый посредник; Кредитовать общественность депозитом; Обязательства используются в качестве платежного средства; Сберегательные банки попечителей; кредитовать; Дебетовать; Перевод средств; Активная сторона баланса; Активы, приносящие процентный доход; Прицельный депозит; срочный вклад; Получать извещение об отзыве

П. Find in the texts English equivalents for the following.

a) отсроченные платежи; двойное совпадение желаний; совершать взаимовыгодный обмен; средство сохранения стоимости; расточительный; средство сбережения; приносящий проценты счет в банке; покупательная способность; фактически уменьшать доходы; денежные знаки; законное платежное средство; выписывать чек третьему лицу

b) финансовый посредник, кредитно-финансовое учреждение; денежная масса; государственная лицензия; система взаимозачетов; иметь смысл; сокращать издержки; кассовый резерв; активы, приносящие проценты; ссуда, кредит; фондовая биржа; цены колеблются; ценные бумаги; срочный вклад; точно установленный период времени

Financial intermediary, credit and financial institution; Money supply; State license; Offsetting system; Make sense; Reduce costs; Cash reserve; Assets bearing interest; Loan, credit; Stock Exchange; Prices fluctuate; Securities; Urgent contribution; Exactly fixed period of time

Ш. Say what is meant by:

a barter economy is wasteful; purchasing power of money is eroded by inflation; a token money; IOU money; the deposit; to handle payments by check; a clearing system; liquidity; a sticky period for a firm; sight deposit; time deposit; to have notification of any withdrawal; certificates of deposit

IV. Listening.

1. Listen to the lecture to answer the questions in the textbook.

2. Listen to the lecture again taking notes to give a summary of it.

V. Match the words (1 – 5) with their corresponding definitions (a – e):

1. uni
2. commercial bank
3. sight deposit
4. time deposit
5. reserve ratio
 
a) a type of bank account from which you can take out money immediately without paying a charge and without informing the bank in advance
b) a bank involved in international trading and providing services for business and organizations rather than for individuals
c) one of the banks that issues and accepts cheques and passes them through the banking system
d) the amount of money a financial institution possesses in relation to the amount of money it has lent
e) a bank account in which you must leave your money for a minimum period of time and from which you can only take out money after informing the bank in advance

VI. Match the words in the left-hand column with their synonyms:

1. sight deposit d a) to contain

2. time deposit c b) invariable

3. crucial e c) term deposit

4. fixed d) call deposit

5. to lend 3 e) decisive

6. to comprise 5 f) to loan

7. liability g) payment

8. notification h) obligation

9. account i) later

10. subsequently j) information

VII. Fill in the gaps in the following text:

backed; considerable; define; acceptable; money; status; currency; commodity; reveals; legal tender; medium of exchange; broad; accepted; supply

Money

Most of us use 1)_____every day. We see it, touch it, and spend it. But how many of us can 2)______it adequately? Usually money is defined too narrowly. Some define it as the 3) ______ of a nation: others think of it in terms of 4) ______ ; still others refer to it as the 5)______. Such definitions, however, automatically exclude large portions of our money. To include all segments of our money 6)______, we must use a 7)______definition. Thus, we can say that money is commonly 8)______in exchange for other goods and services.

9)______ money refers to the use of some commodity as money. Many

commodities — such as stones, shells, various crops, metal, and paper — have served as money in various countries of the world. American history 10)______that tobacco, corn, beads, warehouse receipts, and bank notes, in addition to metal coin and paper currency, have served as money. In fact, many of these monies were given the 11)______of legal tender, which means that they were 12)______for the payment of debts, both public and private.

There are two basic types of modern money, each of 13)______importance: token money and paper money. Token or metallic money consists of coins — a special type of commodity money in which a metal such as gold, silver or copper is used. Paper money takes the form of bills and notes. It may or may not be 14)______by gold or silver.


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