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MONEY AND ITS FUNCTIONS

Money is a commodity commonly accepted as a medium of economic exchange. The idea of money as a universal equivalent is familiar to us since our childhood. Money circulates from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth. Money has four functions:[1] to serve as a medium of exchange, a commodity universally accepted in exchange for goods and services and for the discharge of debts or for the discharge of contracts; [2] to act as a unit of account, the unit that makes the operation of the price system possible and provides the basis for keeping accounts and calculating cost, profit and loss; to serve as a standard of deferred payments, the unit in which loans are made and future transactions are fixed; and[4] to provide a store of wealth, a convenient form in which to hold any income not immediately required for use.

1.2 Соедините слова с их русскими эквивалентами. Перепишите выбранные вами варианты.

1. Commodity a) прибыль

2. Medium of exchange b)содействовать

3. Facilitate c) ценовая система

4. Discharge of debt d) стоимость

5. Discharge of contract e) прибыль

6. Unit of account f) погашение долга

7. Price system g) расчётная единица

8. Keep an account h) исполнение договора

9. Cost i)средство обмена

10. Profit j) вести счёт

1.3 Переведите следующие словосочетания на английский язык и перепишите их.