Unit 8 M O N E¥

If you were a millionaire…• go traveling around the world

• build an orphanage

• help the poor and the homeless

• buy a large house with a garden and a swimming pool

• donate money to a cause, like the Hope Project or to a charity, like the Red Cross

• establish a school for those children of the peasant workers

Cutting down Expenses

• 1. take-home pay  noun [U]

• the amount of earnings that you have left after tax (e.g. income tax), etc.

• 2. to save some money on …expense

• 3. make (both) ends meet

• to have just enough money to pay for the things that you need 

• My wages were so low that I had to take a second job just to make ends meet.

Insurance

• medical insurance

• car insurance

• house insurance

• life insurance

• property insurance

cutting down telephone expenses

• telephone and telecommunications companies

• use the lines of a major communication networks

• make long-distance calls

• use a phone card

• discounts at night and during holidays

A Rather Colorful History

1 Primitive money

Barter 物物交换

2 Metal Money

3 Paper Money

The first paper money in the world, Jiaozi ( 交子） which appeared in China, in the ninth century.

4 Money in Modern Societies

Three major forms:

Coins

Paper money

Credit cards

The Functions of Money

1 Medium of exchange 交换媒介

2 Unit of account 3 Store of value

计算单位 价值储存手段

“Connotative” Functions

A symbol of

Wealth

Strength

Power

Influence

For Example:

1 to an individual:

a ’s power

2 to a country:

America’s Power

“Connotative” Functions

What attitude

should be taken toward money

Love of money is the root of all evil.

Lack of money is the root of all evil.

What’s your opinion?

In-Class Reading

Time Spent Agonizing over Money

New Words

• agonize• stock market• Black Monday• DJIA• crash• station wagon• test-drive• subtly• cut back on

• mortgage• an all-time high• on paper• consume• The Bible• for that matter• aspire to• all but• paycheck

• way• in light of • lest• elusive• pantry• breath• dollar sign• give away• street

agonize over/ about

• to spend a lot of time worrying about a decision:

• She agonized for days about whether she should take the job.

• Lee agonized over what to buy his girlfriend.

major stock market drop

• major: more important; bigger;

more severe

• drop: the decline of stock prices

• stock market crash

Black Monday

• stock market crash 19.10.1987• On Black Monday, 19.10.1987, the S&P 500

Index lost 20,5%, the Dow Jones Industrial Average (DJIA) lost 22,6% and the Nasdaq Composite lost "only" 11,3%. This severe

one-day crash also affected other international stock markets. But there were no important events or major news prior to this Black Monday justifying the drastic decline of stock prices!

DJIA

• Dow Jones Industrial Average:

• an index based on a representative group of stocks. The movement of these stocks is said to indicate the general movement of stocks on the stock market.

• an economic indicator

S&P 500 Index• The S&P 500 Composite Stock Price Index

• The origin of the S&P 500 Index go back to 1923 when the Standard & Poor’s introduced a series of indices which included 233 companies and covered 26 industries. Today, the S&P 500 encompasses 500 companies representing 90 specific industry groups.

• One of the U.S Commerce Department leading indicators.

Stock market crash of 1987

station wagon

• a car with a lot of space behind the back seat and an extra door at the back for loading large items.

SUV

• Sports

• Utility

• Vehicle

test-drive [v]

• to drive (a car that you are considering buying) in order to see if you like it :

• Buying a car over the Internet seems to be the wave of the future. But even if you do your shopping online, you will often have to go to a dealership to test-drive the car and take possession of it.

• Xbox 360 goes for a Test Drive

• We went for a test drive in the new Toyota.

subtly• subtle: not loud, bright, noticeable or

obvious in any way:

• The room was painted a subtle shade of pink.

• The play's message is perhaps too subtle to be understood by young children.

• This discovery had subtly changed/altered the way I thought about myself.

• not so subtly: in an obvious way; directly

cut back on

• to reduce the amount of money that is being spent on something

• We're having to cut back on investment this year. [often + on]

• Cutbacks in defense spending are expected in the next budget.

• contributing Factor

paycheck

• paycheck (AmE)

• pay packet (BrE)

• the amount of money a person earns:

• It's easy to go on expensive holidays when you have a pay packet the size of hers.

• to live from paycheck to paycheck

mortgage

• money that you borrow esp. to buy a home

• They took out a £40 000 mortgage to buy the house.

• a monthly mortgage payment

• on mortgage

an all-time high

• be at an all-time high:• to reach the highest level that has

ever been• to reach an all-time low:• After three years of drought, the

water in the lake had reached an all-time low.

on paper

• according to theory:

• It's one of those things that look good on paper, but making it happen is a whole different ball game.

Wall Street — Main Street

be consumed by/with

• to have so much of a feeling that it affects everything you do:

• He was consumed with jealousy.

• As a teenager, I was consumed by passion for the boy next door.

The Bible

• The collection of sacred writings belonging to the Christian religion.

• It is comprised of two parts:

the Old Testament

the New Testament

• Judaism (the Jewish religion) uses the Old Testament.

for that matter• used to show that a statement is true in

another situation

• Don’t talk to your mother like that, or to anyone for that matter.

• I don’t know and for that matter I don’t care.

• Ming's never been to Spain, or to any European country for that matter.

aspire to

• to have a strong desire or hope to do or have something:

• Few people who aspire to fame ever achieve it.

• success/ leadership/ excellence

• As a child, he aspired to be a great writer.

all but

• nearly; almost

• She all but fainted when she heard the news.

• We have all but finished the work.

• At that time it was all but impossible to return to the hotel.

dollar signs

the symbol, $, is put in front of amounts of money in dollars. 

give…away

• to give something to someone without asking for payment:

• The shop is giving away a sample pack to every customer.

• Nobody wants this type of heater anymore - I can't even give it away!

way

• adv. (INFORMAL)

• used to emphasize degree:• After the third lap, she was way behind the other

runners.• She spends way too much money on clothes.• That car is way cool! (SLANG way can also

mean very)

• Care-free

in light of

• In view of; because of

• In (the) light of the situation, we have no alternative but to raise prices.

• In the light of recent incidents, we are asking our customers to take particular care of their personal belongings.

care

• a feeling of worry or anxiety:

• She seemed weighed down by all her cares.

• do not have a care in the world:

have no worries

• He skipped down the street, seemingly without a care in the world.

lest

• in order to prevent any possibility that (something will happen):

• Take the umbrella, lest it should rain.

• They built a statue for him lest people forget what he did.

• He dare not play jokes on me lest I should be angry.

elusive• difficult to describe, find, achieve or remember:

• He is so elusive. He never stays in his office.

• 他从不在办公室呆着，找他很难找。• Success in the business world has proved elusi

ve.

• 生意场上的成功是捉摸不定的。• The meaning of his poetry is somewhat elusive.

• 他的诗歌有点难懂。

• need: a condition of poverty or misfortune

• You just hope that the money goes to those who are most in need.

• The whole sentence means “ Even when you have plenty, your desire for getting more for the future can never be satisfied.”

• 即使粮仓已满，但对贫穷的恐惧使我们渴望积蓄，难以罢休。

“The fear of need, when the pantry is full, is the thirst that cannot be satisfied.”

breath

• take a deep breath

• catch one’s breath

• hold one’s breath

• save one’s breath

review• 我们今年必须还清抵押款。• We must pay off the mortgage this year. • 由于产品卖不出，这家公司破产了。• The company went bankrupt because it couldn’t sel

l its products.• 这周的油价达到了新的最高纪录。• The price of oil is at a new all-time high this week.• 导致他成功的因素之一是努力工作。• One of the contributing factors of his success is his

hard work.• 他把大部分钱都送给慈善机构。• He gave away most of his money to charity.

Translation

• 1. I feel I should point out how dangerous it is.• 2. Their opinion will not affect my decision.• 3. When it comes to modern art, few people know more

than Tom does.• 4. When asked, she confirmed that she was going to

retire.• 5. The cough medicine tastes nice, but it doesn’t do me

much good.• 6. If we can’t sell more goods, we’ll have to cut back on

the production.• 7. The film is all but three hours long.• 8. I assure you that it is true, lest anyone (should) think

my story strange.