Lesson 30. What is Money?

Lesson 30. Task 4. Do the following

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a) Give the wider definition of the word “money”.

b) Find in the text word combinations with the word “value”.

c) Explain the following terms: legal tender, a money order, substitute money, instruments of credit, an authorized bank, purchasing power.

d) Describe the condition known as “inflation”.

e) Find in the text the terms which characterize the bank’s activity.

f) Name different ways which banks use to make profits.

g) Define the term “rate of interest”.

h) Explain what is “liquidity” and why cash is liquid.

i) Think of terms for main participants of the banking business.

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