Lesson Plans - Trade
In this lesson students will
- Discuss the concept of trade
- Learn about value and the factors that determine it
- Understand that trade was the fundamental economic system among native groups
1. Introduce the concept of trade to students, explaining how trade systems were the economies of aboriginal peoples.
2. Post or display pictures of several consumer items, all varying in price. Examples might be a car, a sweater, a small toy or a cell phone. Ask students to approximate dollar values for each, and to justify their guesses or state reasons why certain items have a larger value placed upon them.
3. Using the reasons from the discussion, explain how native people determined value for objects in a similar manner, but instead of using money they used objects of similar value as currency.
4. Help students to understand the similarities and differences between the exchange of money for goods and the exchange of goods for goods, paying special attention to the fact that the value of goods varies greatly from person to person, whereas the value of money remains relatively constant between people.
Give students a basic overview of how the stock market functions. Help them to understand that while it still has its roots in money and foreign currencies, people earn this money by trading different stocks assessed on their value of the day.