lesson 1Money

1、Guan L- Financial English course will provide you with: - Improve the financial vocabulary- Understand basic definitions and business procedures-Greater confidence when discussing financial documents and data- Increased verbal fluency for face-to-face negotiations- The confidence to produce professi

2、onal written reports in English- Key financial English terminologyPrepare for further learning, for example, academic English readings during master programAttendance 30%Exam 70%Total 100%MoneyBankIRAmerican oil billionaire J. Paul Getty has a very famous saying, that is “ If you can actually count

3、your money, then you are not really a rich man.” 美国石油大亨美国石油大亨J. Paul Getty曾曾经说过一句话：如果你的钱是经说过一句话：如果你的钱是可以数得清楚的，那么你就不可以数得清楚的，那么你就不是一个真正的富人是一个真正的富人。What is money?When did money appear?What are the functions of money?What are the types of money?How can we measure money?Jessie J - Price Tag (ft BoB) (标价牌

4、).flvWhen you buy a pair of jeans or a CD, for example, you never wonder whether the merchant will accept the bills and coins in your wallet as payment. But suppose money didnt exist. How would you pay for the things you want to buy?Barterexchange goods with goods.Such as:Goat, stone, ox, salt, shel

5、l,pearl, jade,iron,Disadvantages of BarterDeterioration：恶化、变坏IndivisibilityInefficient and Protracted (rate of exchange)Double coincidence of wants “需求的双重巧合”悖论silver, gold overcame such shortcomings13 century A.D.Paper currency (fiat money)Bill of exchangePromissory NoteCheque/checkCommodity money P

6、recious metals like gold and silverExchange for GBP1,250.00 Beijing,1 April,2003At sight pay to the order of DEF Co.the sum of Pounds one thousand two hundred and fifty onlyTo XYZ Bank, For ABC Co., Beijing London (signature) End of 18 centuryExpensiveRiskyTurnover of funds slowForeign exchange bank

7、And of course, if we were discussing this topic in a hundred years time we might talk about quaint little things called money, notes and coins, because all wed be using would be plastic card.当然，如果我们在一百年之后再来制作这一节目，我们可能就会谈论一些奇特有趣的叫做钱、纸币或是硬币的小东西，因为到那时我们大概只使用塑料卡了。money we use in the market is fiat money

8、. Money we use nowadays, no matter in the form of banknotes or coin or electronic money, do not have the same value with the goods and services that it exchanged, but it represent a particular value.fiat money：名义货币，也叫法定货币。14fiat money is money which is worthless. And its value exists by virtue of th

9、e fact that it is generally acceptable. And fiat money, needless to say, is one of the most mysterious inventions of the human mind, and no economist has managed to explain exactly why it is that people will generally accept something as valuable when it clearly has no value other than that which it

10、 is decreed to have.名义货币实际上一钱不值。它的价值只在于它能够获得普遍的接受。毫无疑问，名义货币是人类最神奇的发明之一。任何经济学家都还无法确切解释，为什么人们能够把一种除了法定的价值外显然没有任何价值的东西作为宝贵的东西来普遍接受。Money can be described as any commodity or token that is generally acceptable as a means of payment for goods or services or in the repayment of debt.货币是普遍作为支付手段接受的任何一种商品或符

11、号。Can you list some kinds of money? Paper cash, coins 吗Because checks are also accepted as payment for purchases, checking account deposits are considered money as well. An even broader definition of money is often needed. 17Currencyconsisting of dollar bills and coins, is one type of money. And the

12、re are other types of money are not currency, such as check, saving deposits.Wealth means great amount of property, money, etc. (1)In the private sense, all property which has a money value. (2) In the public sense, all objects, esp. material objects, which have economic utility.Can you list some ki

13、nds of wealth do not belong to money? Art, houses, stocks, bonds, cars, jewelsEconomists make a distinction between money and wealth:Wealth includes not only money but also other assets such as bonds, common stock, art, land, furniture, cars, and houses.20Income is a flow of earnings per unit of tim

14、e;Money is a stock: it is a certain amount at a given point in time.收入是某一单位时间内收益的流量， 而货币是一个存量， 即某一时间点上一个特定的金额。If someone tells you that he has an income of $3 000, you can not tell whether he earned a lot or a little without knowing whether this $3 000 is earned per year, per month, or even per day.

15、 But if someone tells you that she has $3 000 in her pocket, you know exactly how much this is. 22 For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. These are all different forms of money: Money, Cash, Currency, Reserves, Salary, Wages, Incom

16、e, Loan, Pension, Fund, Capital, Installments, Debt, Subsidy, rebate, Deposit, Aid, Stake.What are the exact meanings of these words in English?Choose the correct alternative to complete following sentences:241. Money in notes(banknotes) and coins is called a. cash b. capital c. reserves 2. The doll

17、ar, the mark and the yen are all a. currencies b. funds c. monies 3. Money borrowed from a bank is a a. deposit b. income c. loan4. Borrowed money that has to be paid back constitutes a a. debt b. fund c. subsidy5. All the money received by a person or a company is known as a. aid b. income c. wages

18、Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall25Number 1 the answer should be:a (cash) .纸币或者银币形式的钱，我们称之为现金。Number 2 the answer should be:a (currency).美元、马克和日元都是通货或货币。Number 3 the answer should be:c (loan).从银行借来的钱称之为：贷款。Number 4 the answer should be:a (debt).借来的但必须要还回的钱称之为：债务。Numb

19、er 5 the answer should be: b (income).个人或公司所得到的所有的钱称之为：收入。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall266. The money earned for a weeks manual work is called a. income b. salary c. wages7. The money paid for a months (professional) work is a a. loan b. salary c. wages8. Money p

20、laced in banks and other savings institutions constitutes a. capital b. deposits c finance279. Money paid by the government or a company to a retired person is a a. pension b. rebate c. subsidy10. The money that will ultimately be used to pay pensions is kept in a a. budget b. deposit c. fund28Numbe

21、r 6 the answer should be:c (wages).一个星期的劳动所得称之为：wages Number 7 the answer should be:b (salary).一个月的工作所得称之为：salary. 汉语里“工资”这个词在英文中根据工作时间的长短是有区分的。salary 和wage在英文中按月支付的是salary, 按小时、每天、每周支付的是wage. Number 8 the answer should be:b (deposit).存在银行或其他储蓄机构钱称之为：存款Number 9 the answer should be:a (pension).有政府或公

22、司支付给退休人员的钱称之为：养老金Number 10 the answer should be: c (fund).最终用来支付养老金的钱是以基金的形式储存的。2911. The money needed to start a company is called a. aid b. capital c. debt12. The money paid to lawyers, architects, private schools, etc. is called a. fees b. installments c. wages13. Regular part payments of debts a

23、re called a. deposits b. loans c. installments3014. Part of a payment that is officially given back is called a a. gift b. installment c. rebate15. Estimated expenditure and income is written in a a. budget b. reserve c. statementCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall31Nu

24、mber 11 the answer should be: b (capital).用于开办公司的钱称之为：资本Number 12 the answer should be: a (fee).支付给律师、建筑师和私立学校的钱是：费用Number 13 the answer should be: c (installment).定期偿还的部分债务称之为：分期付款Number 14 the answer should be: c (rebate).反还已付款的部分称之为：退款Number 15 the answer should be: a (budget).预计的支出和消费通常被写在预算里。Co

25、pyright 2010 Pearson Education, Inc. Publishing as Prentice Hall3216. A persons money in a business is known as his or her a. deposit b. fund c. stake17. Money given to producers to allow them to sell cheaply is called a a. loan b. rebate c. subsidy18. Money given to developing countries by richer o

26、nes is known as a. aid b. debt c. subsidyCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall33Number 16 the answer should be: c (stake).人们投入在生意上的钱叫做：股份Number 17 the answer should be: c (subsidy).（政府）给生产某种产品的生产商一些钱从而让厂商低价销售产品。这部分钱叫做：津贴、或补贴、助学金、奖金Number 18 the answer should be: a (aid).

27、发达国家赠送给发展中国家的：援助款Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall34Moneys got a very colorful history, because a number of things have been used in the place of what we use as money. Feathers, shells, cloth .salt. In Roman times when the Roman soldiers were paid in salt and thats h

28、ow we get the word salary, from the Latin sal for salt.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall35Medium of exchangeUnit of accountStore of valueStandard of Deferred Payment World Currency In almost all market transactions in our economy, money in the form of currency or che

29、cks is a medium of exchange; it is used to pay for goods and services.The use of money as a medium of exchange promotes economic efficiency by eliminating much of the time spent in exchanging goods and services.在我们经济社会所有的市场交易中，以通货和支票形式出现的货币都是交易媒介，也就是说我们用它来对商品和劳务进行支付。利用货币作为交易媒介省去了商品和劳务交易所需的大量时间，从而提高了

30、经济效率。The time spent trying to exchange goods or services is called a transaction cost. In a barter economy, transaction costs are high because people have to satisfy a “double coincidence of wants”they have to find someone who has goods or service they want and who also wants the goods or service th

31、ey have to offer.在从事商品和劳务交易时所花的时间叫做交易成本。在物物交换的经济中，交易成本很高，因为人们必须满足需求的双重巧合。即他们必须找到某个人拥有自己想要的商品和劳务，而且恰恰需要自己提供的商品和劳务。Money is therefore essential in an economy it is a lubricant that allows the economy to run more smoothly by lowering transaction costs, thereby encouraging specialization and the divisio

32、n of labor.Lubricant lubrikntn.润滑剂，润滑油; 能减少摩擦的东西; adj.润滑的; The second role of money is to provide a unit of account; that is, it is used to measure value in the economy. We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds or distance in terms of

33、 miles.货币的第二个职能是：计算单位，就是说在经济社会中人们用钱来计算商品和劳务的价值。就像用磅来称重，用英里来测量距离一样。Money also functions as a store of value: it is a repository of purchasing power over time. It is an asset. Its something that we can use to store value away to be retrieved at a later point in time. So we can not consume today, we ca

34、n hold money insteadand transfer that consumption power to some point in the future.Asset set n.资产，财产; 有价值的人或物; 有用的东西; 优点; Retrieve rtri:v v.取回,恢复; 寻回; 检索Repository ripzitri n. 仓库; 贮藏室; 博物馆; 亲信; 他是一种超越时间的购买力的储藏。 是一种资产。我们可以用它把价值储存起来，在以后的某个时刻再取回。这样我们不必现在就把它用掉，而是可以存着钱，把这种消费能力转移到将来的某个时刻。Is money the onl

35、y choice we have to store value?They often pay the owner a higher interest rate than money, price appreciation, and deliver services such as providing a roof over ones head. If these assets are a more desirable store of value than money, why do people hold money at all? The funeral industryThe weddi

36、ng marketMoney is a medium of exchange accepted by the community, meaning its what people buy things with and sell things for. Money provides a standard for measuring value (unit of account), so that the worth of different goods and services can be compared. money is a store of value that can be sav

37、ed for later purchases. TextMoney.doc_0001.mp3Money.doc_0002.mp3Money.doc_0003.mp3Money.doc_0004.mp3Money.doc_0005.mp3Money.doc_0006.mp3Money.doc_0007.mp3Money.doc_0008.mp3Money.doc_0009.mp3Money is any commodity or token that is generally acceptable as a means of payment for goods and services. The

38、 particular commodities and tokens that have served this purpose have varied enormously. Were going to study money and the institutions of monetary exchange that have evolved in the US economy. 货币是被人们普遍接受的作为商品和服务支付手段的任意商品或代币物。履行这一职责的特定商品或代币物差异巨大。我们将对货币以及在美国经济中严谨的货币交换制度进行研究。Money has four functions:

39、Medium of exchange; Unit of account; Store of value; Standard of deferred payment. 货币具有四大职能：交易媒介、价值尺度、价值储藏手段和延期支付手段。Without money, it would be necessary to exchange goods and services directly for other goods and servicesan exchange known as barter. For example, if you wanted to buy a hamburger, you

40、 would offer the paperback novel youve just finished reading or half an hour of your labor in the kitchen in exchange for it. Barter can take place only when there is a double coincidence of wants.如果没有货币，就必须用一种商品或服务与其他的商品或服务进行交换，即人们所知道的物物交换。例如，你如果想买个汉堡包，你就得拿你刚刚读完的那本平装小说或者在厨房打工半小时来换。物物交换只有当双方需求一致时才能发

41、生Money guarantees that there is always a double coincidence of wants. People with something to sell will always accept money in exchange for it, and people who want to buy will always offer money. Money acts as a lubricant that smooths the mechanism of exchange. It lowers the costs of making transac

42、tions. The evolution of monetary exchange is a consequence of our economizing activityof getting the most possible out of limited resources.货币保证了总会存在双方需求一致的情形。想买东西的人总会乐于接受货币作为交换，想要买东西的人也愿意支付货币。货币充当了使交换机制顺畅运行的润滑剂，降低了交易成本。货币交换的演进是人们的经济化行为-从有限资源中获得更多好处的后果。An agreed measure for stating the prices of goo

43、ds and services is a unit of account. To get the most out of your budget, you have to figure out, among other things, whether seeing one more movie is worth the price you have to pay, not in dollars and cents, but in terms of the number of ice-cream cones, sodas, and cups of coffee that you have to

44、give up.标明商品和服务价格的协定方式就是记账单位。为充分利用你的预算，你必须要精打细算，看看和其他东西相比，多看一场电影是否物有所值，但这不是用元和分来衡量，而是根据你不放弃的甜筒、苏打水和咖啡的数量来判断。Any commodity or token that can be held and exchanged later for goods and services is called a store of value. Money acts as a store of value. If it did not, it would not be acceptable in exch

45、ange for goods and services. The more stable the value of a commodity or token, the better it can act as a store of value and the more useful it is as money.任何可以被接受并能在未来用以交换商品和服务的商品和辅币被称为价值储藏手段。货币充当了价值储藏的角色。如果不这样，它在 商品和服务交换的过程中就不会被接受。一种商品或辅币的价值越稳定，就越能更好地充当价值储藏的角色，作为货币也就更为有用。Using money as a standard

46、 of deferred payment is not entirely without risk, because inflation leads to unpredictable changes in the value of money. But to the extent that borrowers and lenders anticipate inflation, its rate is reflected in the interest rates paid and received. Lenders in effect protect themselves by chargin

47、g a higher interest rate, and borrowers, anticipating inflation, willingly pay the higher rate.把货币作为延期支付的手段并非毫无风险，因为通货膨胀会使得货币价值产生不可预期的变动。但是，就借方和贷方对通货膨胀的预期来说，通货膨胀率反映在收付款的利率里。债权人通过较高的利率实际上保护了自己，而债务人由于预期到通货膨胀，也乐于支付更好的利率。Money can take four different forms:p Commodity moneyp Convertible paper moneyp Fia

48、t moneyp Private debt money货币可以分为四种形式：商品货币、可兑换纸币、法定货币和私人债务货币。The main advantage of commodity money is that because the commodity is valued for its own sake, its value as money is readily known. This fact provides a guarantee of the value of money. For example, gold may be used to fill teeth and make

49、 rings; its value in these uses determines its value as money. 商品货币的主要优点在于：由于商品是按照自身价值来确定价值的，它作为货币的价值已经广为人知。这一事实为货币的价值提供了保证。例如金子可以用来镶牙和打造戒指，它在这些用途中的价值决定了其作为货币的价值。 This temptation to lower the value of money led to a phenomenon known as Greshams Law, after the16th century English financial expert Sir

50、 Thomas Gresham. Greshams Law is the tendency for bad money to drive good money out of circulation. Bad money is debased money; good money is money that has not been debased. Its easy to see why Greshams Law works.这种降低货币价值的诱惑导致了一个现象，就是以16世纪英国金融专家托马斯格雷欣爵士命名的格雷欣法则。它指的是在货币流通中劣币驱逐良币的趋势。劣币是低质量的货币，而良币是没有被

51、降低成色的货币。这就很容易看出格雷欣法则发生作用的原因。The inventiveness of goldsmiths and their clients led to increase and widespread use of convertible paper money. Because gold was valuable, goldsmiths had well-guarded safes in which to keep their own gold. Their also rented space to artisans and others who wants to put their gold in safekeeping. The goldsmiths issued a receipt the owner of gold to reclaim his or her “deposit” on demand. These receipts were much like the co