UNIT 11: MONEY AND ITS FUNCTIONS

I. New words
1. currency (n) /karənsi/: money in any form when in actual use as a medium of
exchange, especially circulating paper money – tiền tệ
2. consent (n) /kənˈsɛnt/: acquiescence to or acceptance of something done or planned
by another – sự đồng lòng, sự chấp nhận chung
3. consent (v) /kənˈsent/: to give assent or permission (to do something); agree;
accede
4. medium of exchange (n): something generally accepted as representing a standard
of value and exchangeable for goods or services – phương tiện trao đổi
5. a measure of value (n): unit by which value of a thing is accounted and compared –
thước đo giá trị
6. a store of value (n): anything with value that may be stored and retrieved at a later
date with the expectation that it will still have value – phương tiện cất trữ
7. a standard of deferred payments (n) /dɪˈfɝːd/: phương tiện trả chậm
8. payment (n) /ˈpeɪmənt/: The act of paying or the state of being paid / a sum of
money paid / wages, etc. – thanh toán, khoản thanh toán
9. installment buying (n) /ɪnˈstɔːl.mənt/: a system for paying for goods by
installments in which the payments are made at regular times – mua trả góp
10. commodity money (n) /kəˈmɑː.də.t̬ i/: common goods that are used as mediums of
exchange – tiền hàng
11. token money (n) /ˈtoʊ.kən/: a form of money which represents a greater value than
its intrinsic value – tiền dấu hiệu
12. purchasing power (n): The value of a particular monetary unit in terms of the
goods or services that can be purchased with it – sức mua
13. monetary value (n): the amount of value an item or a service has in relation to if it
were sold for cash to a willing buyer – giá trị tiền tệ, giá trị bằng tiền
14. representative money (n) /ˌrep.rɪˈzen.t̬ ə.t̬ ɪv/: paper currency that can be redeemed
for a fixed amount of the commodity it represents - bút tệ
15. legal tender (n) /ˌliː.ɡəl ˈten.dɚ/: is a form of money that courts of law are required
to recognize as satisfactory payment for any monetary debt - tiền pháp định

II. Mindmap
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III. Passage
Money is anything accepted by general consent as a medium of economic exchange. It is the
medium in which prices and values are expressed. It circulates from person to person and
country to country, then facilitating trade, and it is the principal measure of wealth. Money
has four functions:
- Medium of exchanges: it means anything accepted for goods and services exchanges,
settlement of debts and is the most common exchange.
- Measure of value: measures things offered in the market, unit of accounts, which includes
prices are fixed and accounts are kept
- Store of value: it can be used to pay in the future or bought today or saving for the future.
- Standard of deferred payment: it means not having to pay immediately and developing of
installment buying.
There are two types of money:
- Commodity money: The face value is equal to the material contained in it and useful
goods.
- Token: Use the face value / denomination, the face value is higher than the cost production
and real value serves not as money; coin and note.