Rationale/ Purpose (so what?) Nature and scope of topic. Why is this significant to the mission of educating future citizens?

Transcription

1 Title: What is Money? Lesson Author: Laura McBride & Ben Bishop Key Words: Economics and Personal Finance, Gold, Silver, fiat money, commodity money, representative money, Nixon Shock Grade Level:9th Time Allotted: 40 minutes Rationale/ Purpose (so what?) Nature and scope of topic. Why is this significant to the mission of educating future citizens? The rationale of this lesson is designed to convey to students what money is and how it has evolved over time. Money is a key part of the economy and students need to understand its importance and history. This lesson would set the stage for learning how to manage money. Background/Context: How does this lesson fit into a unit of study? Looking backwards, looking forwards This lesson would be part of the first unit in an economic/personal finance course. The lesson would set the stage for student learning of more complex economic systems. The lesson would be followed by lessons on managing money. Key Concept(s) include definition: Gold- a precious yellow metallic element on which a monetary standard has been set and of which coins have been produced. Silver- a precious white metallic element that coins have been made out of. It has been a monetary standard and traded as a commodity. Fiat Money- paper currency made legal tender by a fiat of the government, but not based on or convertible into coin. Commodity Money- is money whose value comes from a commodity of which it is made. (ex. Shells, barley, alcohol, etc) Representative Money- paper money backed by an equal amount of gold or silver coin or bullion held by a government. Nixon Shock-A term used to describe the actions taken by former U.S. President Richard Nixon in 1971 that took the United States off the gold standard. Money-Any circulating medium of exchange, including coins, paper money, and commodities. 1

2 NCSS Standard(s) SOL Information *As written in the Virginia SOL Curriculum Framework for the grade level NCSS Theme (s) with indicators: Theme IX. Global Connections World trade has expanded and technology has removed or lowered many boundaries. The realities of global interdependence require deeper understanding of the increasing and diverse global connections among world societies and regions. Students will be able to understand the changing role of money throughout history and connect its importance with the global economy. SOL* : EPF.6 The Student will demonstrate knowledge of the nation's financial system by: a) defining the role of money 2

3 Essential Knowledge (minimum for SOL Resource Guide) 6 a) Money is anything widely accepted as final payment for goods and services. Money has six characteristics: durability, portability, divisibility, uniformity, limited supply, and acceptability. Money acts as a medium of exchange, making trade easier. Essential Skills (minimum for SOL Resource Guide) Examine and interpret primary and secondary documents (CE.1a) Create and explain diagrams, tables, and charts. (CE.1b) 6 a) there are not essential skills attached to this SOL in the Course Framework. Money encourages specialization by decreasing the costs for exchange. Money acts as a store of value, making it easier to save and invest. Money acts as a measure of value, making it easier to compare the value of goods and services. Commodity money (e.g., gold coin) has value in itself, while fiat money (e.g., U.S. dollar) has value because the government has declared that it is acceptable for paying debts. Guiding Question(s): MUST BE SHARED WITH STUDENTS AT BEGINNING OF EACH LESSON- Visible in lesson procedure and materials. The day s big question: What is money and how has it evolved? Lesson Objective(s): clearly emerges from big question and rationale and standards and will align with your assessment in Procedure and Process Obj. Students will be able to define money and its three types (commodity, representative, and fiat). 3

4 Obj. Students will be able to identify the major evolutions of money throughout history. Assessment Tool(s) to be used- Everything above- goes to what you want them to know/understand do- So what assessments are you going to use to help you manage and monitor that they have got it-informal and formal make one over-riding assessment connect to your closure. Assessment 1. Informal Discussion throughout lecture/meograph presentation Assessment 2. Fishbowl activity Materials: Historical Source(s): List here and include copies in materials section below Additional Materials/Resources: List here and include copies in materials sectiontextbooks etc page numbers, websites etc Just Do It (See material A) PowerPoint (See material B) Meograph Presentation- see Exit Slip note card (see material C) 4

5 Procedure/Process: 1) JUST DO IT! The Hook : A high-interest activity that introduces new content with connections to students prior knowledge. Between 1-5 minutes. You could also introduce the days guiding question- could help with assessment of student needs the hook- 2) Instructional sequence: Obj # See above. Processing Activity and Procedure include directions, question frames, assignment details, to be given to students (these should all be made into explicit materials (e.g. see material A) Do you have opportunities for direct/guided instruction and independent practice/engagement when appropriate and time estimates. Include pace/time for each activities e.g. (5 mins) Check for Evidence of Understanding -Either Formal or Informal e.g. assessments- question frames, quiz, choice activities, discussion with frame and your THAT s A WRAP. (Checks Essential Knowledge and Skills should be in line with assessment tools above) Just do it. Transition: Objective # 1 Transition: Objective # 2 Just Do It: Money Worksheet Students will complete this worksheet individually to assess prior knowledge and express their opinions. -5 minutes Now we are going to discuss the role of money in history (Begin PowerPoint/Meograph presentation) Students will be able to define money and its three types (commodity, representative, and fiat). Students will listen and contribute to a discussion on money via PowerPoint and Meograph. -15 minutes Informal questioning and discussion throughout presentation Now that we have discussed the role of money in history, let s conduct a fishbowl activity Students will be able to identify the major evolutions of money throughout history. Students will participate in an Open Fishbowl Activity. -15 minutes Questions to ask: What type of money do you think has worked the best throughout history? Why? Why is money important in the world Informal observation of Fishbowl discussions 5

6 today? Should there be a common currency? Why or why not? Do you think there should be digital money? Why or why not? 3) Closure- THAT S A WRAP that goes to opening question- and also in part to assessment tools at least one key assessment tool. (Do you need a rubric) Exit slip mini quiz. Blank Note cards will be handed out. Students will answer the question What is commodity money? Give an example. -5 Minutes Modifications/Accommodations for Diverse Learners: Include reference and acknowledgement of IEP plans for specific students- that is easy. Additionally, highlight how you have designed materials/sequences that pay attention to pre-assessment evidence to address readiness, interest, and learning preference needs, including attention to student groupings, use of time and materials, variance in whole class and small group instruction, varied task complexity. Can you delineate key instructional strategies and scaffolds that are effective for responding to student needs? Do you provide rubrics to explain what good work looks like? Do you provide room for direct instruction/guided instruction (including read alouds and think alouds), independent practice. (Use Cruz and Thornton, and Tomlinson and McTighe). Bullet your details and explanations. Just do it worksheet to assess readiness Learning preference need: visual, auditory, written Group work with fishbowl activity Common closure for all students: exit slip Meograph can be paused when needed for students who have questions For students with disabilities, directions can be repeated and explained 6