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Content Area: Social Studies
Index: 6.5A Grade 8 CPI 8
Standard: 6.5 - Economics
Strand: A - Economic Literacy
Cumulative Progress Indicator: 8 - The student will compare and contrast the characteristics of the three basic economic systems: traditional or barter and trade, market capitalism, and command (e.g., communism).
Grade: 8
Sample Activities:
· The widespread adoption of currency in early modern Europe signifies the beginnings of capitalism as a world economic system. Students study the origins of capitalism in connection with a unit on economics or as part of their larger consideration of world history. Provide students with a listing from the daily newspaper of exchange rates for the dollar in selected foreign countries. Students calculate the relative costs of some big-ticket items like cars and televisions in pesos, francs, kopeks, and so forth. What conclusions do they reach about this interesting comparison? Repeat this activity systematically over time to track the fluctuations. Provide readings on currency change and its effects as students become interested in the international currency market.
· In earlier grades, facilitate a discussion about informal barter systems that exist in the school (e.g., the trading of food items during lunch). Students make lists of things they would like and things they would be willing to trade or barter to get their needs. Afterward, compare such bartering to a currency-based system of exchange. Under what conditions is bartering a desirable method of exchange? What are the pros and cons of bartering and currency-based systems of exchange? Which system allows greater freedom of choice?
· Set up a “token economy” in the classroom to illustrate the uses of currency. Award tokens to students based on academic performance and/or other deeds. There are numerous applications for this game.
· In more advanced grades, students draft a paper tracing the evolution of capitalist systems in Europe, starting with the reopening of trade routes to the East after the First Crusade through the exploration and settlement of New World colonies. Discuss how these events transformed European concepts of exchange and credit.
Inspiration Templates:
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