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Українські рефератиРусские рефератыКниги
НазваMoney and banking (гроші і банківська справа) (к/р)
РозділІноземна мова, реферати англійською, німецькою
ФорматWord Doc
Тип документуРеферат
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(Гроші і банківська справа)


Money and its Funсtions. Деньги, их функции.


Although the crucial feature of money is its acceptance as the means of

payment оr medium of exchange, money has other functions. It serves as a

standard of-value, a unit of account, a store of value and ft a standard

of deferred payment. We discuss each of the functions of money in turn.


The Medium of Exchange. Средство обращения.


Money, the medium of exchange, is used in one-half of almost all

exchange. Workers exchange labour services for money. People buy and

sell goods in exchange for money. We accept money not to consume it

directly but because it can subsequently be used to pay things we do

wish to consume. Money is the medium through, which people exchange

goods and services.


To see that society benefits from a medium of exchange, imagine a barter



A barter economy has no medium of exchange. Goods are traded directly or

swapped for other goods.


In a barter economy, the seller and the buyer each must want something

the other has to offer. Each person is simultaneously a seller and a

buyer. In order to see a film, you must hand over in exchange a good or

service that the cinema manager wants. There has to be a double

coincidence of wants. You have to find a cinema where the manager wants

what you have to offer in exchange.


Trading is very expensive in a barter economy. People must spend a tot

of time and effort finding others with whom they can make mutually

satisfactory swaps. Since time and effort are scarce resources, a barter

economy is wasteful. The use of monеу - any commodity generally accepted

in payment for goods, services, and debts - makes the trading process

simpler and more efficient.


Other Functions of Моnеу. Другие функции денег


Money can also serve as a standard of value. Society considers it

convenient to use a monetary unit to determine relative costs of

different goods and services. In this function money appears as the unit

of account, is the unit in which prices are quoted and accounts are



In Russia prices are quoted in roubles; in Britain, in pounds sterling;

in the USA, in US dollars; in France, in French francs. It is usually

convenient to use the units in which the medium of exchange is measured

as the unit of account as well. However there are exceptions. During the

rapid German inflation of 1922 - 1923 when prices in marks were changing

very quickly, German shopkeepers found it more convenient to use dollars

as the unit of account. Prices were quoted in dollars even though

payment was made in marks, the German medium of exchange.


The situation in Russia nowadays reminds of that of in Germany.


Money is a store of value because it can be used to make purchases in

the future.


To be accepted in exchange, money has to be a store of value. Nobody

would accept money as payment for goods supplied today if the money was

going to be worthless when they tried to buy goods with it tomorrow. But

money is neither the only nor necessarily the best store of value.

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