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Task 1
 translate the textWhat is Money?
first sight the answer to this question seems obvious; an or woman in the street would agree on coins and ^iTotes, but would they accePfc them from any country? b t about cheques? They would probably be less willing to t them than their own country’s coins and notes but flCCekPm0ney (i.e. anything for which you can write a cheque) b0n ally accounts for by far the greatest proportion by value f the total supply of money. What about credit cards and Id? The gold standard belongs to history but even today *° у rich people in different parts of the world would rather keep some of their wealth in the form of gold than in official, nflation-prone currencies. The attractiveness of gold, from 1 esthetic point of view, and its resistance to corrosion is two of the properties, which led to its use for monetary transactions for thousands of years. In complete contrast, a form of money with virtually no tangible properties
whatsoever — electronic money — seems set to gain rapidly in popularity.
It is almost impossible to define money in terms of its physical form or properties since these are so diverse
Therefore any definition must be based on its functions. Functions of Money
Specific functions (mostly micro economic)
Unit of account (abstract)
Common measure of value (abstract)
Medium of exchange (concrete)
Means of payment (concrete)
Standard for deferred payments (abstract)
Store of value (concrete)