Lesson Plan: Money Economics
This lesson plan includes the objectives, prerequisites, and exclusions of the lesson teaching students how to identify different types, functions, and characteristics of money as well as the history of money.
Objectives
Students will be able to
- know the definition and disadvantages of bartering, such as requiring double coincidence of wants, lacking divisibility, and difficulty in storing value,
- understand how money was developed to overcome the disadvantages of bartering,
- know the characteristics of the types of money, such as commodity money, coins, banknotes (paper money), and bank deposits (credit),
- know different means of electronic payments, such as credit cards, debit cards, ATM cards, and stored-value cards, and understand how they are processed,
- distinguish electronic money by the method of authentication: smart cards are hardware based, while digital money is software based,
- understand the essential functions of money, such as being a medium of exchange, unit of account, general purchasing power, and store of value,
- understand general acceptability as a characteristic of money.
Prerequisites
Students should already be familiar with
- wants,
- types of goods.
Exclusions
Students will not cover
- near money,
- virtual currency and cryptocurrency,
- uniformity, scarcity, and portability as characteristics of money,
- the historical development of paper money in Egypt,
- legal tenders,
- inflation,
- the central bank and issuance of money.
