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Perform – выполнять in terms of which – в чьем исчислении is expressed – выражается в exchange – обменять is worth - стоит a useful measuring rod of value – полезный показатель результатов цены remain constant – оставаться постоянной is linked to – связана с only as long as – лишь до тех пор, пока accept – приниматься in exchange for – в обмен на

What are the Functions of Money?

Money performs four specific functions. The functions of money are to serve as: Unit of value, Medium of exchange, Standard of deferred payments and Store of value.

The first function of money is a unit of value or a unit of account. The monetary unit is the unit in terms ofwhich the value of all goods and services is measured. The value of each good or service is expressed as a price, which is the number of monetary units for which the good or service can be exchanged.

If the price of a pen is 100 Rubles then a pen can be exchanged for ten monetary units. If a pen is worth 100 Rubles and a notebook is worth 200 Rubles then a notebook is worth two pens. Money is a useful measuring rod of value only if the value of money itself remains constant. The value of money is linked to its purchasing power. As the general price level increases, a unit of money can purchase a lesser amount of goods and services - so the value or purchasing power of money declines. So, money will be a useful unit of value only as long as its own value or purchasing power remains constant.

Across places and times – на протяжении времен и в разных странах debt - долг. spent in barter. – потраченный на обмен (бартер) principal and interest on debt – капитал и проценты по долгам holders of money – держатели денежных средств accept – принимать as long as – до тех пор, пока It may be noted – следует отметить for example – например unlike – в отличии от yield income – приносить доход на капитал appreciate – высоко ценить over time – с течением времени be subject to – подвергаться storage costs – расходы хранения запасов in the sense that – в том смысле, что

Money also acts as a medium of exchange or as a medium of payments. This function of money is served by anything that is generally accepted by people in exchange for goods and services. Across places and times some things have served as money - clay, cowry or tortoise shells, cattle, pigs, horses, sheep, tea, tobacco, wool, salt, wine, boats, iron, copper, brass, silver, gold, bronze, nickel, paper, leather, playing cards, debts of individuals, debts of banks, debts of governments, etc. Money reduces the time and energy spent in barter. The person who owned a cow can simply sell it to the person who offers the most money for it and then buy the bullock cart from another person who offers him the best bargain.

Money performs the function of the unit of deferred or future payments. Examples of these situations are pensions, principal and interest on debt, salaries etc.

Money may also perform the function of serving as a store of value. The holders of money know that it will be accepted at any time for any good or service and is thus a store of value. This function will be performed well as long as money retains a constant purchasing power.

It may be noted that any asset other than money may also perform the function of store of value, for example, bonds, land, houses, etc. These assets have the advantage that, unlike money, they yield income and may appreciate in value over time. However, they are subject to the following:

quickly - быстро without loss of value – без потери стоимости depending on – в зависимости considerations of – принятие в расчет safety – безопасность

(1) they may involve storage costs,

(2) they may not be liquid in the sense that they could not be quickly converted into money without loss of value,

(3) they may depreciate in value. A person may choose to store value in any form depending onconsiderations of income, safety and liquidity.

A. Заполните пропуски информацией из текста.

1. The name of this text is ____________.

2. The text gives information about __.

3. According to it there are three function of money: _____________________. The first function of money is ____, the second function of money is________________________________, the third function of money is___________________________ and the last function of money is_______________________.

4. The text mentions that the monetary unit is _____________________________.

To prove it the text illustrates this idea on the example of comparison of the price of ________________and the price of ______________________________.

5. The text also says about money as a medium of exchange or_______________. From the text we can see that across places and times some things have served as money - _______________________.

6. The text underlines that when we pay out pensions, principal and interest on debt, salaries etc. we mention such a function of money as __________________.

7. It is necessary to remember that money may also perform the function of _____________________. It may be noted that _______________________may also perform this function. The text gives us the examples of such assets. They are __________________________.

10. However, it should be made clear that on the one hand these assets unlike money have the advantage because they___________________________. On the other hand it is necessary to emphasize their disadvantages because they are subject to 1. ______________________ 2. ______________________________

3. ____________________________.

11. To sum up, I`d say that this text is ___________________ because ______________________________.