Lesson 30. What is Money?

Lesson 30. Task 2. Read the texts and answer the questions

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A.

1. What is money and what is its role as a means of exchange? What metals served as a constant store of value?

2. What is the gold standard and why was it abandoned? What backs national currencies now? Why do you think the US government still maintains the store of gold?

3. Why has valuable metal been replaced by paper notes? Who can issue paper notes? What is legal tender?

4. What are instruments of credit and what functions do they perform? Can your name them?

5. In what case can one obtain large sums of credit and pay for goods with a check?

6. What is purchasing power? What does it depend on?

7. How do we reckon the demand for money? What is it related to?

8. What is the supply of money? If there is too much money in circulation, what can it lead too? What do we call this situation?

B.

1. What are banks closely concerned with and what is their main function? What new functions have they acquired over time? What was their primary function?

2. What are two basic forms in which banks receive money from their customers? What accounts can one open with a bank? In what case can a customer earn interest and issue checks?

3. How do banks make their profits? What does it mean for a bank to act as an intermediary? Is it possible nowadays to do business without any bank? If it is, can you explain how?

4. Why do you think trust is so important in banking? Can one always rely on his partners in this business?

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