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Economics

A Yen to Trade

OVERVIEW

Teach trade, comparative advantage, and barriers to trade with the active lessons from A Yen to Trade Curriculum Unit for middle school students grade 6-8. These lessons are written to help students understand the basic rationale for making trades, the gains that are possible from trade, and how trading is done between people of different countries. Each lesson teaches fundamental economic concepts such as scarcity, economic wants, resources, goods and services, opportunity cost, and money, as well as international trade concepts such as exports, imports, tariffs, quotas, exchange rates, and trade routes.

Curriculum

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Grade Level

Middle School

Lesson 1: Ringgits, Rupees, and Rials

In this lesson, students engage in a scavenger hunt to find the exchange rate for the currency of 24 countries. They use the information and other resources to answer questions related to the geography, trade, and currency of these countries

Lesson 1

Lesson 2: Let’s Make a Deal

In this lesson, students learn what conditions are necessary for two people to agree to a trade in a class flea market. They also discover that the more people they are allowed to trade with, the more likely they are to find a beneficial trade.

Lesson 2

Lesson 3: The Tortoise and the Hare

This lesson uses the tale of the tortoise and the hare to discover the benefits of specialization and determine who has a comparative advantage. Students generalize this knowledge to countries.

Lesson 3

Lesson 4: Making Magic

In this lesson, students read a story, play word games, and use a simple math exercise illustrate the benefits of trade.

Lesson 4

Lesson 5: Tricks of the Trade

In this lesson, students play the role of citizens of two fictional countries. They investigate the balance between scarce resources and the benefits of trade.

Lesson 5

Lesson 6: Trading Circles

This lesson illustrates through ever increasing circles how the size of a trading area affects goods and resources in a basic economy. Students learn how exports and imports are defined.

Lesson 6

Lesson 7: Trading Hurdles

This very active lesson has students encounter physical barriers that represent natural and government-imposed trade barriers.

Lesson 7

Lesson 8: Pieces of Paper

This lesson compares a simple barter economy with one that uses money to see how trade is affected. In a simulation activity, students see how much easier trade is with money.

Lesson 8

Lesson 9: The Road to Riches

This active lesson shows how changes in transportation affect trade routes and partners. Students move a tennis ball around the room, learning that the way people move themselves and things around determines the location of trade routes.

Lesson 9

Lesson 10: Trade Connections

In this lesson, students wear clothing and bring goods from other countries for an International Goods Day. Students review basic ideas about international trade from previous lessons.

Lesson 10