Introduction
We want money because it allows us to buy things that we need and want, but what did we do before money existed? And what will money be like in the future?
Task
You are going to be time-traveller researchers!
1. First, you will travel to the past and learn about what we did before money was invented.
2. Then, you will investigate the present and tell us about the three modern methods of payment.
3. Finally, you will travel to the future and tell us about how money will change and why.
Process
Step 1: Use your glossary and fill in the following terms: 1. Needs 2. wants 3. goods 4. services
Step 2: What did we do before money was invented? In pairs, brainstorm three ideas on your white board. Share them with the class.
Step 3: Learn about bartering and play this game: https://www.clevelandfed.org/learningcenter/escape-from-barter-island.aspx
Step 4: Watch this video and think about why money is better than bartering.
Step 5: Watch this short video and answer the following 6 QUESTIONS in your SCIENCE NOTEBOOK:
1. Name two difficulties with the bartering system.
2. What were the three items that people started to use instead of bartering?
3. Name the first civilization to make coins.
4. What was the problem with using metal to trade? What did they change to?
5. Where is money made?
6. How do we avoid the production of fake money?
Step 6: What are the modern methods of payment? What are the advantages and disadvantages of modern money?
*** Teacher will supply you with a graphic organizer to fill in and information to use for research. Use these link below to help you research.
Step 7: Create money of THE FUTURE!
What do you need to include?
***Characteristics of money: divisible, durable, portable and generally acceptable***
a) Create a picture or example of future money.
b) Describe two problems of today´s money
c) Give two reasons for why your future money will be better and solve these problems.
Evaluation
1. Glossary terms
2. Complete questions with full sentences, correct information and punctuation (capitalization and full stops).
3. Future money project: /10
_______ Explain TWO problems with modern methods of money. (2)
_______ GIVE TWO good solutions for those problems which are included in your FUTURE MONEY.(2)
_______ Include a detailed picture or example of the future money (visually pleasing) (2 marks)
______ Name your money and explain how it works (2 marks)
_______ Follows the characterisitics of money (portable, durable, divisable and acceptable) (2)
Conclusion
Congratulation!
You have helped humanity to improve the way money works!