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Unit one Economy

Unit One Economy

1. What can you do?

1.1 Background information Terms Definitions tariff import quota subsidy anti-dumping

1.2 Word Expansion 1.2.1 Word family n. v. adj. adv. accessible evolve original certify ------- standardize ------- locally restraint democratic persuasion

1.2.2 Derivative roots Derivatives graph -sidy

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Unit one Economy access

2. Let’s read

The History of Money

The first form of money appeared around 9000 BC. It was not in the form of notes and coins as it is today, but rather in the form of animals such as cows and camels, and produce like grain and vegetables. These precious commodities were used as a means of payment when taxes needed to be paid. They were also used as a means to pay fines when the law was broken. However, this form of money presented many problems—animals became sick and died, grain spoiled during long storage periods, and sacks of grain and cows were difficult, if not impossible, to haul around.

Thousands of years later in around 1200 BC, cowrie shells were used as a kind of money in China. These small shells were present and widely accessible in the shallow waters of the Pacific and Indian oceans. The shells became the central form of currency and their important role in Chinese history is reflected in the fact that their pictograph came to represent the word for “money” in written Chinese. In 1000 BC, they were combined with metal. The Chinese made cowrie shells out of bronze and copper. At the same time, another kind of currency was emerging in China. [1] Metal tool money, which was made in the shape of knives, hoes, and spades, evolved into metal discs that were the original versions of coins. [2] These were convenient because, in addition to being easily stored, they were portable and durable. [3] However, they could be easily counterfeited, thereby losing their value. [4]

From 680 BC, the first round, flat coins were produced from a combination of silver and gold. These coins appeared in what is now present-day Turkey and were stamped with important gods, emperors, and mythical beings to certify their authenticity. Although they had irregular shapes, they were standardized by their weight. The coins spread throughout the region and neighboring states refined and minted their own versions. The Greeks, for example, refined and minted the round, flat coins that determined the shape of coins that are still in use all over the world.

The earliest known paper money is from China where it was in use from 960 AD onwards. It evolved from emperor-issued “value tokens” made from paper, and was mass-produced over the following 500 years. Paper money did not reach Europe until the 17th century when Sweden began issuing the currency. Other countries gradually took their cue from Sweden and in time, this currency spread around the world and became a common method of payment still in use today.

2.1 Exercises

1. The word commodities in the passage is closest in meaning to A. features B. goods C. resources D. assets 2. The word haul in the passage is closet in meaning to A. turn B. walk C. show D. pull

3. According to the paragraph 1, which of the following is one of the reasons that people stopped using grain as

money?

A. Because it went bad easily

B. Because it became scarce due to long periods of drought C. Because its value was difficult to measure D. Because spoiled grain spread serious diseases

4. Which of the sentences below best expresses the essential information in the highlighted sentence in the passage?

Incorrect choices change the meaning in important ways or leave out essential information.

A. Because the pictograph for the shells was the same as that for money, the shells came to assume a crucially

important role in Chinese history.

B. The role of the shells grew in importance as they were more valuable than other form of currency used to represent

the word “money”.

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Unit one Economy

C. As the shells were used as currency in China at that time, they were given the same pictograph as money in Chinese

writing.

D. The importance of the shells in Chinese history can be seen in their role as currency and by their pictorial symbol

being used to represent the word “money”.

5. The word counterfeited in the passage is closest in meaning to A. broken B. copied C. stolen D. transported

6. All of the following are mentioned in paragraph 2 about metal tool money EXCEPT A. it was made in several shapes.

B. it was produced from a specific type of metal. C. it was easy to carry and lasted a long time D. it evolved into disc form

7. The word their in the passage refers to

A. silver and gold B. coins C. mythical beings D. shapes 8. The author mentions The Greeks in order to

A. illustrate how versions of coins varied according to region

B. show why Greek coins became the standard version still used today C. provide evidence that Turkish coins were minted by other nations D. identify the most widely used types of coins at that time.

9. According to paragraph 3, which of the following is true about the first round coins? A. They were all exactly the same size. B. They were first used in Greece.

C. They were made from bronze and silver.

D. Some of them were stamped with pictures of emperors. 10. Why does the author mention “value tokens”?

A. To identify how the emperor controlled the money supply B. To give an example of the unique nature of Chinese money C. To explain the method used to produce paper money D. To provide details of the origin of paper money

11. Look at the four squares [1], [2],[3] and [4] that indicate where the following sentence could be added to the

passage.

Moreover, they were produced from common, inexpensive metals, which meant they were not useful for buying expensive items. Where would the sentence best fit? A. [1] B. [2] C. [3] D. [4]

12. Directions: An introductory sentence for a brief summary of the passage is provided below. Complete the summary

by selecting the THREE answer choices that express the most important ideas in the passage. Some sentences do not belong in the summary because they express ideas that are not presented in the passage or are minor ideas in the passage.

Since its first appearance around 9000 BC, money has evolved to take many shapes and forms across the world. ? ? ?

Answer Choices

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Unit one Economy

A. The first form of money was used to make government payments such as taxes and fines.

B. Animals and foodstuffs were used as money, but these proved to be nearly impossible to transport and maintain. C. Progress in what is now Turkey and in Greece led to round coins being used, but it was China that first produced paper money.

D. Of all the different materials used to create money, gold proved to be the most durable as well as the easiest to produce.

E. The Chinese began to develop money using shells along with metal tool money that evolved into versions of coins. F. China and Sweden began issuing their own paper currencies in the 17th century.

2.2 Words & Expressions

words

v.

Definitions

commodity cowrie

n. n.

something that is sold for money 商品

any of numerous tropical marine gastropods of the genus Cypraea having highly polished usually brightly marked shells 贝币

1. capable of being reached; 易到达的;易进入的;易够到的

2. capable of being read with comprehension; 可以理解的;易懂的 3. easily obtained; 易使用的;易得到的

4. easy to get along with or talk to; friendly友善的；平易近人的 a graphic character used in picture writing图画文字；象形文字

an alloy of copper and tin and sometimes other elements; also any copper-base alloy containing other elements in place of tin青铜；青铜色；赤褐色；青铜艺术品

a tool with a flat blade attached at right angles to a long handle锄头；草耙 a sturdy hand shovel that can be pushed into the earth with the foot铁锹，铲子 If someone counterfeits something, they make a version of it that is not genuine but has been made to look genuine in order to deceive people仿制，造假；假装，伪装

1. provide evidence for; stand as proof of; show by one's behavior, attitude, or external attributes（尤指书面）证明

2. guarantee as meeting a certain standard 颁发（或授予）专业合格证书 3. declare legally insane证明（某人）患有精神病 undisputed credibility可靠性，确实性，真实性

reduce to a fine, unmixed, or pure state; separate from extraneous matter or cleanse from impurities 提炼;精炼

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accessible adj.

pictograph n.

bronze n.

hoe spade

n. n.

counterfeit v.

certify v.

authenticity refine

n. v.

Unit one Economy issue v. to officially produce something such as new stamps, coins, or shares and make them available to buy 发行 2.3 Combine them into one

a) Shells became the central form of currency.

b) Shells’ important role in Chinese history is reflected in a fact.

c) The fact is their pictograph came to represent the word for “money” in written Chinese. All in one: ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ a) Metal tool money evolved into metal discs

b) Metal discs were made in the shape of knives, hoes, and spades c) Metal discs were the original versions of coins.

All in one: ________________________________________________________________ ________________________________________________________________ ________________________________________________________________

2.4 Summary

The first form of money appeared around ______ BC. It was in the form of _____ and ______ as a means of payment. However, this form of money presented many _____. Cowrie ______ were used as a kind of money in China in around 1200 BC, which were combined with ______ in 1000 BC. At the same time, metal ______ money evolved into metal _______ that were the original versions of coins. The first round, flat coins were produced from a combination of ______ and _______ from 680 BC in Turkey. They were standardized by their ______. The coins spread throughout the region and neighboring states _______ and ______ their own versions. The earliest known _______ money is in use from 960 AD onwards in China. It reached Europe until the 17th century and spread around the world as a common method of _______ still in use today.

3. Let’s Listen

3.1 Note Taking Questions Subject /Topic free trade Characteristics Free Trade & Protectionism 1. 2. 3. 4. 5. 1. 2. 3. 1. 2. 3. 4. Notes protectionism Advantages free trade 5 / 8