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Financial English Finance Part One Money and Economics Chapter 1 Money 章節(jié)結(jié)構(gòu) Learning Objectives（學(xué)習(xí)目標） Key Topics（關(guān)鍵點） Text（閱讀課文） Notes（課文注釋） Exercises（課后練習(xí)） Additional Readings（擴展閱讀） Learning Objectives Key Topics Section 1.1 What is Money? Section 1.1 What is Money? If you can actually count your money， then you are not really a rich man. -J. Paul Getty “如果你能數(shù)清你的錢，那還不算真正的富有” J. Paul Getty [保羅·蓋蒂，1892—1976，石油怪杰，20世紀60年代世界首富。1957年美國《財富》雜志評出的世界首富] What is “Money”? “Money”， what is the money in the eye of people? What is the conception of money in the views of economics? 在大家的眼中，到底什么才是“金錢”？ 1.1.2 Meaning of Money In general ， money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. Repayment:償還 debt:債務(wù) 在一般情況下，貨幣是在任何形式或可核查的記錄中，被普遍接受作為付款的商品和服務(wù)，并在一個特定的國家或社會經(jīng)濟背景下可以償還的債務(wù)。 Imagine a world without using of money Barter (物物交換) Section 1.2 Functions of Money Section 1.2 Functions of Money " Whether money is shells， or rocks， or gold， or paper， it has four primary functions in any economy: as a medium of exchange， a unit of account， a store of value， and a standard of deferred payment. Of the four functions， its function as a medium of exchange is what distinguishes money from other assets such as stocks， bonds， and houses.” asset:資產(chǎn)、財產(chǎn) stock:股份、庫存 bond:債券 無論是貝殼，還是巖石，還是黃金，或者是紙，貨幣在任何經(jīng)濟中都有四個主要功能：作為交換媒介，價值尺度，價值儲藏手段，延期支付手段。四個標準中的交換媒介，可以使貨幣區(qū)別于其他資產(chǎn)，如股票、債券和房子的貨幣。 1.2.1 Medium of Exchange In almost all market transactions in our economy， money in the form of currency or checks in a medium of exchange (交易媒介）; it is used to pay for goods and services. currency：貨幣; 通用，流通，流傳 checks ：支票 在我們的經(jīng)濟中幾乎所有的市場交易，貨幣是以貨幣或支票的形式作為交易媒介。它是用來支付商品和服務(wù)的。 1.2.1 Medium of Exchange The use of money as a medium of exchange promotes economic efficiency by eliminating much of the time spent in exchanging goods and services. 貨幣作為交換媒介促進了經(jīng)濟效率的提高，消除了用于交換商品和服務(wù)的大部分時間。 To see why， let's look at a barter economy， one without money ， in which goods and services are exchanged directly for other goods and services. barter：物物交換 看看為什么，讓我們看一個沒有貨幣的物物交換的經(jīng)濟，商品和服務(wù)直接用于交易其他商品和服務(wù)。 1.2.1 Medium of Exchange The time spent trying to exchange goods or services is called a transaction cost. transaction cost：交易成本 試圖交換商品或服務(wù)的時間被稱為交易成本。 1.2.1 Medium of Exchange 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 a good or services they want and who also wants the good or service they have to offer. 在一個以物為經(jīng)濟的交易中，交易成本很高，因為人們必須滿足一個“雙方需求的一致性”-他們必須找到一個擁有商品或服務(wù)的正是他們所需求的。 1.2.1 Medium of Exchange Money promotes economic efficiency by eliminating much of the time spent， exchanging goods and services . It also promotes efficiency by allowing people to specialize in what they do best. 貨幣通過減少大部分用來交換商品和服務(wù)所需的時間，促進經(jīng)濟效益的提高。它也提高了效率，讓人們專注于做他們最擅長的事情。 1.2.1 Medium of Exchange 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 division of labor. 因此，貨幣是經(jīng)濟中不可或缺的，它是一種潤滑劑，可以通過降低交易成本，使經(jīng)濟運行更順暢，從而鼓勵專業(yè)化和勞動分工。 1.2.2 Unit of Account The second role of money is to provide a unit of account（價值尺度); 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 miles. 貨幣的另一個角色是提供價值尺度，即在經(jīng)濟中用來衡量價值。我們用金錢來衡量商品和服務(wù)的價值，正如我們用磅衡量重量或用米衡量距離。 1.2.2 Unit of Account To see why this function is important， let's look again at a barter economy where money does not perform this function. 要知道為什么這個職能是很重要的，讓我們再一次看看沒有履行此功能的物物交換的經(jīng)濟。 1.2.2 Unit of Account If the economy has only three goods， say， peaches， economics lectures， and movies， then we need to know only three prices to tell us how to exchange one for another. 如果經(jīng)濟市場只有三種商品，桃子，經(jīng)濟學(xué)講座和電影，那么我們需要知道的只有三個價格告訴我們?nèi)绾谓粨Q。 the price of peaches in terms of economics lectures(that is， how many economics lectures you have to pay for a peach)， the price of peaches terms of movies， and the price of economics lectures in terms of movies. 在經(jīng)濟上的價格，用講座支付桃子的價格（即多少經(jīng)濟講座能來支付桃子），用電影支付桃子的價格，用電影支付經(jīng)濟講座。 1.2.2 Unit of Account If there were ten goods， we would need to know 45 prices in order to exchange one good for another: which 100 goods， we would need 4950 prices: and with 1000 goods 499500 prices. 如果有十種商品，我們需要知道45種價格，以用一種商品交換另一種商品；如果有100件商品，我們需要4950個價格；如果有1000件商品，那么對應(yīng)499500的價格。 1.2.2 Unit of Account Imagine how hard it would be to shop in a supermarket with 1000 different items on its shelves；deciding whether chicken or fish is cheaper would be difficult if the price of a pound of fish were quoted as 4 pounds of butter and the price of a pound of fish were quoted as 8 pounds of tomatoes. 想象一下，在一家超市里有1000種不同的商品在貨架上是多么的困難。比較雞肉和魚哪個更便宜是非常困難的，如果一磅魚的價格是4磅的黃油，一磅魚的價格是8磅的西紅柿。 1.2.2 Unit of Account To make sure that you can compare the prices of all items， The solution to the problem is to introduce money into the economy and have all prices quoted in terms of units of that money， enabling us to quote the price of economics lectures. Peaches，and movies in terms of ，say，dollars. 前提是確保你能把所有項目的價格進行比較。解決問題的方法是將貨幣引入經(jīng)濟，把所有商品按單位貨幣進行標價，使我們能夠?qū)⒔?jīng)濟學(xué)講座，桃子和電影的價格以美元標價。 1.2.2 Unit of Account To make sure that you can compare the prices of all items， The solution to the problem is to introduce money into the economy and have all prices quoted in terms of units of that money， enabling us to quote the price of economics lectures. Peaches ， and movies in terms of ，say，dollars. 前提是確保你能把所有項目的價格進行比較。解決問題的方法是將貨幣引入經(jīng)濟，把所有商品按單位貨幣進行標價，使我們能夠?qū)⒔?jīng)濟學(xué)講座，桃子和電影的價格以美元標價。 1.2.2 Unit of Account If there were only three goods in the economy， this would not be a great advantage over the barter system because we would still need three prices to conduct transactions. But for ten goods we now need ten prices: for 100goods， 100prices， and so on. 如果經(jīng)濟市場上只有三種商品，物物交換市場不占據(jù)優(yōu)勢，因為我們?nèi)匀恍枰�三個價格進行交易。但對于十種商品，我們現(xiàn)在需要十種價格； 100種商品，100種價格等等。 1.2.2 Unit of Account We can see that using money as a unit of account reduces transaction costs in an economy by reducing the number of prices that need to be considered. The benefits of this function of money grow as the economy becomes more complex. 我們可以看到使用貨幣作為價值尺度，通過減少價格的數(shù)量的考慮降低了經(jīng)濟的交易成本。隨著經(jīng)濟變得越來越復(fù)雜，這種貨幣功能的好處也越來越明顯。 1.2.3 Store of Value Money also functions as a store of value(價值儲藏手段); it is a repository of purchasing power over time. A store of value is used to save purchasing power from the time income is receive until the time it is spent. purchasing power：購買力 金錢也作為價值儲存的功能，它是通過時間可以儲藏購買力。價值貯藏手段是節(jié)省購買力從獲得收入的時候直到積攢的收入被花掉。 1.2.3 Store of Value The function of money is useful because most of us do not want to spend out income immediately upon receiving it but rather prefer to wait until we have the time or the desire to shop. 貨幣的職能是有效的，因為我們大多數(shù)人不想一有收入就馬上花光，但寧愿等到我們有時間或欲望去購物。 Money is not unique as a store of value be cause any asset ， whether it be money， stocks， bonds， land， houses， art， or jewelry， can be used to store wealth. 貨幣在貯藏價值上不是獨一無二的，因為它是可以是任何資產(chǎn)，無論是金錢、股票、債券、土地、房屋、藝術(shù)品，珠寶首飾都可以用來儲存財富。 1.2.3 Store of Value Many such assets have advantages over money as a store of value: They often pay the owner a higher interest rate than money， experience price appreciation， and deliver services such as providing a roof over one's head. If these assets are a more desirable store of value than money， why do people hold money at all? interest rate：利率 price appreciation：價格升值 許多的資產(chǎn)都比貨幣作為價值儲存的價值有優(yōu)勢：他們經(jīng)常給予所有者比貨幣更高的利率，體驗價格升值，如為人的頭上提供只磚片瓦的服務(wù)。如果這些資產(chǎn)的貯藏價值比貨幣更為理想，為什么人們持有貨幣？ 1.2.3 Store of Value The answer to this question relates to the important economic concept of liquidity， the relative ease and speed with which an asset can be converted into a medium of exchange. liquidity：流動性 這個問題的答案涉及到重要的經(jīng)濟概念，流動性*，資產(chǎn)可以被轉(zhuǎn)換成交換媒介的相對容易和速度。 1.2.3 Store of Value Liquidity is highly desirable. Money is the most liquid asset of all ，because it is the medium of exchanged; it dose not have to be converted into anything else in order to make purchase. Other assets involve transaction costs when they are converted into money. 流動性是非�？扇〉�。貨幣是所有的流動資產(chǎn)，因為它是交換的媒介，它不需要被轉(zhuǎn)換成其他的東西，以便購買。其他資產(chǎn)涉及交易成本，當它們被轉(zhuǎn)換成金錢。 1.2.3 Store of Value When you sell your house， for example， you have to pay a brokerage commission (usually 5 percent to 7 percent of the sale price)， and if you need cash immediately to pay some pressing bills， you might have to settle for a lower price in order to sell the house quickly. brokerage commission：傭金、手續(xù)費 比如說，當你賣掉你的房子時，你必須支付一個傭金（通常為百分之5到百分之7的銷售價格），如果你需要現(xiàn)金支付一些緊迫的賬單，你可能不得不以較低的價格來快速銷售房子。 1.2.3 Store of Value The fact that money is the most liquid asset， then， explains why people are willing to hold it even if it not the most attractive store of value. 事實上，金錢是最具流動性的資產(chǎn)，然后，解釋了為什么人們愿意持有它，即使它不是最具吸引力的價值儲存。 1.2.4 Standard of Deferred Payment An agreed measure that enables contracts to be written for future receipts and payments is called a standard of deferred payment(延期支付手段). 為了未來的收付，促成簽訂合同的一種協(xié)定度量標準稱為延期支付手段。 If you borrow money to buy a house or if you save money to provide for retirement， your future commitment or future receipt will be agreed to in dollars and cents. Money is used as the standard for a deferred payment. 如果你借錢買房子，或者如果你為退休后進行存錢儲蓄，你未來的還款業(yè)務(wù)和收款業(yè)務(wù)將以元、分形式標定。 貨幣扮演的延期付款的角色。 1.2.4 Standard of Deferred Payment using money as a standard of deferred payment is not entirely without risk because， inflation leads to unpredictable changes in the value of money. inflation：通貨膨脹 將貨幣作為遞延付款的標準并非完全沒有風險，因為通貨膨脹會使貨幣價值發(fā)生不可預(yù)測的變動。 1.2.4 Standard of Deferred Payment But， to the extent that borrowers and lenders anticipate inflation， its rate is reflected in the interest rates paid and received. 但是根據(jù)債務(wù)人和債權(quán)人對未來通貨膨脹的預(yù)期，通貨膨脹率反映在收付款的利率里。 Lenders in effect protect themselves by charging a higher interest rate， and borrowers， anticipating inflation， willingly pay the higher rate. 債權(quán)人通過收取較高的利率保護自己，而債務(wù)人由于預(yù)期到通貨膨脹，愿意支付更高的利率。 本次課程結(jié)束��！ BYE BYELW4紅軟基地

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