Nobody came to work today, Mr Farvis, because today is a national holiday. Today is Christmas

Vocabulary Handout 1 Match the words from A with their synonyms from B.

illegal	to postpone
restriction	limitation
crucial	against law
to consume	rare
to benefit	to profit
wasteful	barter
exchange	to use up
to defer	vital
scarce	costly
to consume	rare
to benefit	to profit
wasteful	barter
exchange	to use up
to defer	vital
scarce	costly

1	2	3	4	5	6	7

8	9	10	11	12	13	14	15

Handout 2. The text contains a number of common verb-noun partnerships (e.g. to store money, to make purchases... ). Match up the verbs and nouns below to make common collocations.

prices	consume
interest	exchange
money	quote
goods and services	keep
payment	bear
accounts	deferred
s a store of value	serve

Handout 3. Match the Russian word-combinations with their English equivalents.
A B

счётная единица	to be eroded by inflation
обоюдное совпадение потребностей	a unit of account
средство сбережения	a medium of exchange
средство обращения	a store of value
единица отсроченного платежа	to swap for other goods
обменивать на другие товары	a standard of deferred payment
уменьшаться в результате инфляции	a double coincidence of wants
взаимовыгодный обмен	legal tender
законное средство платежа	a mutually satisfactory swap

1	2	3	4	5	6	7	8	9

Comprehension Handout 1. Complete the sentences.

1. 
   Commodity money is.
   
2. 
   Fiat money is ...
   
3. 
   In modem economies, fiat money is supplemented by .
   
4. 
   Money is the medium through which.
   
5. 
   The unit of account is the unit in which.
   
6. 
   Money is a store of value because.
   
7. 
   A standard of deferred payment or a unit of account.
   

Handout 2. Choose the correct answer:

1. 
   A direct exchange of fish for corn is an example of:
   

1. 
   storing value.
   
2. 
   a modern exchange method.
   
3. 
   barter.
   
4. 
   a non- coincidence of wants.
   

2. 
   Which of the following is a store of value?
   

1. 
   Money market mutual fund share.
   
2. 
   Repurchase agreement.
   
3. 
   All of the above are a store of value.
   
4. 
   None of the above are a store of value.
   

1. 
   Anything can be money if it acts as a:
   

1. 
   unit of account.
   
2. 
   store of value.
   
3. 
   medium of exchange.
   
4. 
   all of the above.
   

Handout 3. Say whether the following is true or false.

1. 
   Money eliminates the need for barter.
   
2. 
   Any item can successfully serve as money.
   
3. 
   Money is said to be liquid because it is immediately available to spend for goods.
   

Handout 4. Answer the questions.

1. 
   What example of commodity money is given in the text?
   
2. 
   What is fiat money?
   
3. 
   What is fiat money supplemented by in modern economies?
   
4. 
   In what way does society enforce the use of fiat money?
   
5. 
   Why can a bank deposit serve as an example of IOU money?
   
6. 
   How are goods exchanged in a barter economy?
   
7. 
   Why is trading expensive in a barter economy?
   
8. 
   What else can be used instead of money as a store of value?
   
9. 
   What are the four functions of money? What do they imply?