Деньги и их функция

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Ae??e e ? ???y

I???e ???????e ??a y?y?ny

The main feature of money is its acceptance as the means of payment or
medium of exchange.

I???e ?????e ??? ??a y?y?ny ? ????a ?e ???? ???a e ????y.

Nevertheless, money has other functions. I??i, ??? ?atho e ??? ???e. It
is a standart of value, a unit of account, a store of value and a
standart of deferred payment. I? y?yth?y ??e ????, ???i? ????, ???a?
????ey e n???? ?????? ???a.


N???i ????y

Money, the medium of exchange, is used in one-half of almost all
exchange. Ae??e, ?e ???? ????y, ????th?y a ???? ?? ????e. Workers work
for money. ????? ???tho ? ???. People buy and sell goods in exchange for
money. Eth? ???tho e ??atho ??? a ??i ? ???. We accept money not to
consume it directly but because it can subsequently be used to buy
things we wish to consume. Iu ??ia? ???, ? ??? ?i ? ? ???????i ???, a
??? ?i ?e ??o ?? ?i????u ?y ???e ???a, ???a ? ??i ???ey?. Money is the
medium through which people exchange goods and services. Ae??e – y?
????, n ???th e??i? eth? ????tho ??? e ??ae.

In barter economy there is no medium of exchange. A ????e y???ea ?o ????
????y. Goods are trade directly or swapped for other goods. O??u ??ath?y
??y?th ?e ????thony ? ??? ???. In a barter economy, the seller and the
buyer each must want something the other has to offer. A ????e y????, e
????, e ????? ??? ??? ?i-?, ?i ??? ??o ?????. Each person is
simultaneously a seller and a buyer. E??e ???e yaey?ny ?????? e ????i e
?????i. There is a double coincidence of wants. I????o ???a ?????

Trading is very expansive in a barter economy. O???y ??ue i??? a ????e
y????. People must spend a lot of time and effort finding others with
whom they can mace mutually satisfactory swaps. Eth? ??? ????ue ??i ???e
e ??? a ???o ?o, n ?i ?e ??o ?????ue ??????? ??i. Since time and
effort are scarce resources, a barter economy is wasteful. O? ?e ??? e
??y – ????? ???u, ????y y???? ????.

Money is generally accepted in payment for goods, services, debts and
makes the trading process simpler and more efficient. Ae??e y?yth?y ??e
????? ????i ?a?? ? ???, ??????, ??e e ??? ???? ???n ??a ???i e ???????.


Ae??a ???e ??a

Money can also serve as a standard of value. Ae??e ??o ???ue ??a ??e
????. Society considers it convenient to use a monetary unit to
determine relative costs of different goods and services. I???i ???o
???i ?????? ???oth ???o ?y ??ae??ey ??????e ????e ????o ???a e ??a. In
this function money appears as the unit of account, is the unit in which
prices are quoted and accounts are kept. A y?e ???e ??? ???atho a ??
????e ???u, e y?yth?y ???e ???? n ???th ???e ???ath?y ?? e ???y ??a.

To be accepted in exchange, money has to be a store of value. Aeey ??,
??u ?? ?????e a ????e, ??? ??? ????ue ?e ???ai ????ey. Money is a store
of value because it can be used to make purchases in the future. Ae??e –
y? ?? ????, ?e ?e ??o ?? ?????? ?y ???e a ???i.

Houses, stamp collections, and interest-bearing bank accounts all serve
as stores of value. Ae?a, ????e ??e e ?ath?a ???n ????? ??a – ?a ???
????i ????ey. Since money pays no interest and its real purchasing power
is eroded by inflation, there are almost certainly better ways to store
value. Ii a ?y? n ?i, ?i ??? ?? ? ?? ? ??o ???? e ? ??iy?y ??????y
?????ue ?????y ??y??, ?????i ????tho ??? ???u ?a???y.

Finally, money serves as a standart of deferred payment or a unit of
account over time. E ???oe, ??ae ??? ????i ??i???i ???a ?e ?e ???? ???a
??c ??e-? ????? ???e. When you borrow, the amount to be repaid next year
is measured in money value. E?? ? ??? ???, ????? ??a, ???a ??? ?? ???? a
??oth?i ?? ???y?ny ? ???a ???? ????.


????? ?? ae??

Golden coins are the examples of commodity money, because their gold
content is a commodity.

C??? ??? y?yth?y i???i ???? ??a, ?e ?e ?????ny a ?o ??? y?y?ny ???i.

A token money is a means of payment whose value or purchasing power as
money greatly exceeds its cost of production or value in uses than as
money. Ae???a ??e y?yth?y ????i ???a, ?y ???? ?e ???ay ?????ue ?e ??a
??? ????o ???u ? ? ?????? ?e ? ???? ?e ? ??????e ?e ??a.

A $10 note is worth far more as money than as a 3×6 inch piece of
high-quality paper. 10 $ ???? ?e ???ay ???a ??o ???i ???, ?i 3×6 aeth???
??? ????????? ???. Similarly, the monetary value of most coins exceeds
the amount you would get by melting them down and selling off the metals
they contain. O?? e ???ay ???? ?????a ??o ????o ????? ??a, ????? ?e
????a ??o e ???a ??????y a ?o ???a. By collectively agreeng to use
token money, society economizes on the scarce resources required to
produce money as a medium of exchange. I?? ??????i ????ey ?????? ????
??e, ???? y???o ? ????? ????, ????o ?y ?????? ??a ?e ???? ????y. Since
the manufacturing costs are tiny, why doesn’t everyone make $10 notes?
The restriction of the right to supply it. Private production is
illegal. N?i ?????? ????i ???i.

Society enforces the use of token money by making it legal tender. I???i
???? a ???a?a ??????a ???? ??? ?????i ????y ? ???? ????i ????i. The law
says it must be accepted as a means of payment. C?? ???o, ?i ??? ??? ??
???? ?e ???? ???a. In modem economies, token money is supplemented by
IOU money. A ?????e y???? ae???a ??e ???yth?y IOU ????.

An IOU money is a medium of exchange based on the debt of a private firm
or individual. IOU ??? y?yth?y ????i ????y, ?????i ? ??a ??a?? ??u ?e
????? ????.

A bank deposit is IOU money because it is a debt of the bank. A????e
???o – y? IOU ???, ?e ?e y? ?? ??a. When you have a bank deposit the
bank owes you money. E?? o ?n ?? ??ae a ??a, ?? ??? ??a ?i. You can
write a cheque to yourself or a third party and the bank is obliged to
pay whenever the cheque is presented. Au ??? ???? ?e ?? ?e ??e-e?i ???e
???a, e ?? ?y?i ???? ?e, ??a ? ? ? ?e ?a?y??. Bank deposits are a medium
of exchange because they are generally accepted as payment. A????a ????
y?yth?y ??n?? ???, ?e ?e ?a???ytho ?????i ??y?a ???? ???a.


O?u ??a

The most important types of money are commodity money, credit money and
fiat money. N??e ???e ??? ??a y?yth?y ???? ???, ????a ??? e ???? ???.
The value of commodity money is about equal to the value of the material
contained in it. Oe???ue ???? ??a ??e ??a ???? ????a, ?????iny a ?o. The
principal materials used for this type of money have been gold, silver
and copper. I???? ?????e, ??????e ?y y?? ?? ??a, y?yth?y ???, ???i e ??.
Credit money are documents with promises by the issuer to pay an
equivalent in the standard monetary metal. E???? ??? – y? ??i?? n
?y?????? a???? ? y????o a ??y?o ???? ????. Fiat money is paper money the
value of which is fixed by government. A???a ae??e – y? ae??e, ???? ???o
???ey?ny ???????. Most minor coins in circulation are also a form of
fiat money, because the value of the material of which they are made is
usually less than their value as money. A????ai ??? ??o a ??u?? ??a
y?yth?y ??? ???? ??a, ?e ?e ???? ????a ? ????i ?e ???u, ??? ???, ?i ?
???? ?e ??a.

Both the fiat and credit forms of money are generally made acceptable
government decree that all creditors must take the money in settlement
of debts. Fiat money in the form of banknotes is referred to as legal
tender. E ???ay e ????y ??u ??a y?yth?y ?u??????, e ??????i ?????i, ?i
?a ????u ??? ??ue ??? ?y ????y ???.

Banknotes are usually made from special high-quality paper, with
watermarks, metallic strips and other features against forgery. A???u
??? ????yth?y ? ????????? ???, n a?y?? ???e, ??????? ????e e ???e ???e
??? ????. Highly sophisticated printing techniques are used, and
banknote designs have elements that are hard to copy. O?? ???yth?y ???
???a ???? ?????, a ??? ???? ??o y???u, ???a ??? ?????ue. Fronts and
backs of notes are printed separately, and serial numbers are added
later. E??? e ???? ???u ???o ???th?y ????, e ???? ??? ???yth?y ??a.


E???? ???

Before people can consume anything, however, they must do two things.
I?aae ?i, ?e eth? ??o ???ue ?i-??, ? ?a ? ????? ?i??? ?a ??. First they
must earn the income to buy the things they want. A ??oth ???ue, ?e ???
????? ??ae, ??u ???? ? ??, ???a ?e ?oyo. Then they must decide how the
money will be spent. I?? ?e ae??u ???, ?e ??o ????u ???. There are two
ways to earn income: from work and from the use of wealth. N????o ?a
???a ???oue ??ae: ? ??? e ? ??????y ????a.


Ae?? ? ???

Most of the income comes from work. A????? ??? ???? ? ???. In return for
working, people receive a wage or a salary. A ??i ? ??? eth? ???tho
????oth ??o ?e ??ae. The term “wage” typically refers to the earnings of
workers paid by the hour or unit of production. O??i “wage” ??? ????
????e ?????, ????? ?e ? ?n ??? e? ? ????? ?????e ????e. “Salary” refers
to earnings paid on a weekly basis. «Salary» ????y e c????, ?????i ?
??eth. How much you earn will depend on the kind of job, abilities, the
performance, and a number of other factors. E????i ?????? ??a ??o ???? ?
?? ???, ???, ??e??y e ?y? ??? ????.


Ae?? ? ????a

Wealth can be as the value of the things you own. A???? ??o ?? ?????
????th ?? ??e, ???? ? ????. Adding the value of all your possessions,
bank accounts, savings, and the like will give you the total amount of
your wealth. N???? ??i ??? ????a, ????? ???, ????? e ?? ????i ???
????ey? ??a ????? ??? ????a.

Used in certain ways, wealth can earn income. E???oy ???o? ??????e
?i???, ??i ???? ???ue. If you owned a house, you might be able to let
others use it for a fee. A?e ? ? ???e ?i?, ? ??e ? ??ue ?????ue ???ue ?i
??? ? ??o. In that instance economists would say that you used your
wealth to earn “rent”. A y?i ?o?a, y????u ? ??a?, ?i ? ?????? ?? ????i,
??u ????? ???oth ??o. Wealth, in the form of money that is loaned to
other or deposited in a savings account, will earn interest. A?a??i, a
?? ??a, ?????? ??? ?e ????? ? ?? a ??, ??o ????ue ????. As you can see,
interest and rent are two forms of income that can be earned by wealth.
E? ? ??? ????, ???? e ???ay ??a ????eytho ?a ???a ????y ???e ? ????a.
Other types of income are dividends and capital gains that can be
generated from the wealth. Ae??a ?? ???e, ???a ??o ?? ???? ? ????a – y?
????u e ??? ? ???? ????.

C???: Give answers to the following questions:

1. What are two ways to earn income?

There are two ways to earn income: from work and from the use of wealth.

2. Who gets wages?

Workers who are paid by the hour or unit of production.

3.Who gets salaries?

Workers who are paid on a weekly basis.

4.What is wealth?

Wealth can be defined as the value of the things you own. Adding the
value of all your possessions, bank accounts, savings, and the like will
give you the total amount of your wealth.

5. How can wealth earn income?

Interest and rent are two forms of income that can be earned by wealth

6. What is rent?

It’s a fee you get letting others use your house.

7. What is interest?

It’s a certain amount of money you get from money loaned to other or
deposited in a savings account.

8. What are other types of income?

Other types of income are dividends and capital gains.

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