2. the two definitions of money
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리스닝 듣기
Question:
Using points and examples from the talk, explain the two definitions of money presented by the professor.
말하기 준비 시간: 30초
말하기 녹음 시간: 1분
리스닝 스크립트
So, let’s talk about money. What is money? Well, typically people think of coins and paper “bills” as money . . . but that’s using a somewhat narrow definition of the term.
A broad definition is this: [slowly] money is anything that people can use to make purchases with. Since many things can be used to make purchases, money can have many different forms. Certainly, coins and bills are one form of money. People exchange goods and services for coins or paper bills, and they use this money . . . these bills . . . to obtain other goods and services. For example, you might give a taxi driver five dollars to purchase a ride in his taxi. And he in turn gives the five dollars to a farmer to buy some vegetables.
But, as I said, coins and bills aren’t the only form of money under this broad definition. Some societies make use of a barter system. Basically, in a barter system people exchange goods and services directly for other goods and services. The taxi driver, for example, might give a ride to a farmer in exchange for some vegetables. Since the vegetables are used to pay for a service, by our broad definition the vegetables are used in barter as a form of money.
Now, as I mentioned, there’s also a second, a narrower definition of money. In the United States only coins and bills are legal tender—meaning that by law, a seller must accept them as payment. The taxi driver must accept coins or bills as payment for a taxi ride. OK? But in the U.S., the taxi driver is not required to accept vegetables in exchange for a ride. So a narrower definition of money might be whatever is legal tender in a society, whatever has to be accepted as payment.
30점을 위한 해설
For a broad definition, money is anything that people can use to make purchases with. (넓은 의미에서 보면, 돈은 사람들이 뭔가를 구매하기 위해 사용하는 어떤 것이다)
Money can have many different forms. (돈은 많은 다른 형태를 취할 수 있다)
Coins and bills are one form of money. (동전과 지폐는 돈의 한 형태이다)
People exchange goods and services for coins or paper bills. (사람들은 동전 또는 지폐를 상품과 서비스와 교환한다)
For example, you might give a taxi driver five dollars to purchase a ride. (예를 들어, 택시를 타는 댓가로 $5지폐를 지불할 수 있다)
Some societies make use of a barter system. (어떤 사회에서는 물물교환 시스템을 사용한다)
In a barter system, people exchange goods and services directly for other goods and services. (이 시스템에서 사람들은 상품과 서비스를 다른 상품과 서비스와 직접 교환한다)
The taxi driver, for example, might give a ride to a farmer in exchange for some vegetables. (예를 들어, 택시 기사는 농부로부터 야채를 받고 택시를 태워줄 수 있다)
For a narrower definition of money, in the United States only coins and bills are legal tender. (돈의 정의를 좁게 보면, 미국에서는 오직 동전과 지폐만이 법정 통화이다)
The taxi driver must accept coins or bills as payment for a taxi ride. (택시 기사는 택시 서비스에 대한 댓가로 동전과 지폐를 받아야 한다)
But the taxi driver is not required to accept vegetables in exchange for a ride. (그러나 택시 기사는 택시 서비스에 대한 댓가로 야채를 받는 것을 거부할 수 있다)
샘플 답안
In the lecture, the professor delves into the distinctions between broad and narrow definitions of money.
In the broad definition, money encompasses anything that people can utilize to facilitate transactions. Money can assume various forms, including coins and bills, which individuals exchange for goods and services. For instance, one might tender five dollars to a taxi driver in exchange for transportation services.
Conversely, certain societies employ a barter system, wherein goods and services are directly exchanged without the intermediary use of currency. For example, a taxi driver might offer a ride to a farmer in exchange for fresh produce, such as vegetables. However, in the narrower definition, such as that applied in the United States, only coins and bills hold legal tender status.
Question:
Using points and examples from the talk, explain the two definitions of money presented by the professor.
말하기 준비 시간: 30초
말하기 녹음 시간: 1분
리스닝 스크립트
So, let’s talk about money. What is money? Well, typically people think of coins and paper “bills” as money . . . but that’s using a somewhat narrow definition of the term.
A broad definition is this: [slowly] money is anything that people can use to make purchases with. Since many things can be used to make purchases, money can have many different forms. Certainly, coins and bills are one form of money. People exchange goods and services for coins or paper bills, and they use this money . . . these bills . . . to obtain other goods and services. For example, you might give a taxi driver five dollars to purchase a ride in his taxi. And he in turn gives the five dollars to a farmer to buy some vegetables.
But, as I said, coins and bills aren’t the only form of money under this broad definition. Some societies make use of a barter system. Basically, in a barter system people exchange goods and services directly for other goods and services. The taxi driver, for example, might give a ride to a farmer in exchange for some vegetables. Since the vegetables are used to pay for a service, by our broad definition the vegetables are used in barter as a form of money.
Now, as I mentioned, there’s also a second, a narrower definition of money. In the United States only coins and bills are legal tender—meaning that by law, a seller must accept them as payment. The taxi driver must accept coins or bills as payment for a taxi ride. OK? But in the U.S., the taxi driver is not required to accept vegetables in exchange for a ride. So a narrower definition of money might be whatever is legal tender in a society, whatever has to be accepted as payment.
30점을 위한 해설
For a broad definition, money is anything that people can use to make purchases with. (넓은 의미에서 보면, 돈은 사람들이 뭔가를 구매하기 위해 사용하는 어떤 것이다)
Money can have many different forms. (돈은 많은 다른 형태를 취할 수 있다)
Coins and bills are one form of money. (동전과 지폐는 돈의 한 형태이다)
People exchange goods and services for coins or paper bills. (사람들은 동전 또는 지폐를 상품과 서비스와 교환한다)
For example, you might give a taxi driver five dollars to purchase a ride. (예를 들어, 택시를 타는 댓가로 $5지폐를 지불할 수 있다)
Some societies make use of a barter system. (어떤 사회에서는 물물교환 시스템을 사용한다)
In a barter system, people exchange goods and services directly for other goods and services. (이 시스템에서 사람들은 상품과 서비스를 다른 상품과 서비스와 직접 교환한다)
The taxi driver, for example, might give a ride to a farmer in exchange for some vegetables. (예를 들어, 택시 기사는 농부로부터 야채를 받고 택시를 태워줄 수 있다)
For a narrower definition of money, in the United States only coins and bills are legal tender. (돈의 정의를 좁게 보면, 미국에서는 오직 동전과 지폐만이 법정 통화이다)
The taxi driver must accept coins or bills as payment for a taxi ride. (택시 기사는 택시 서비스에 대한 댓가로 동전과 지폐를 받아야 한다)
But the taxi driver is not required to accept vegetables in exchange for a ride. (그러나 택시 기사는 택시 서비스에 대한 댓가로 야채를 받는 것을 거부할 수 있다)
샘플 답안
In the lecture, the professor delves into the distinctions between broad and narrow definitions of money.
In the broad definition, money encompasses anything that people can utilize to facilitate transactions. Money can assume various forms, including coins and bills, which individuals exchange for goods and services. For instance, one might tender five dollars to a taxi driver in exchange for transportation services.
Conversely, certain societies employ a barter system, wherein goods and services are directly exchanged without the intermediary use of currency. For example, a taxi driver might offer a ride to a farmer in exchange for fresh produce, such as vegetables. However, in the narrower definition, such as that applied in the United States, only coins and bills hold legal tender status.