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VELS Humanities - Economics
The key elements of the Economics knowledge and
understanding standard addressed by this unit are:
"Students demonstrate a basic understanding
of personal money management and the role
of banking, budgeting and saving."
Refer to the Level 4 Humanities - Economics Domain
Learning Focus statement on page vii to provide a
context for the standards.
•
Unit
4
Consumer and Financial
Literacy Framework
This unit addresses the following outcomes:
KU 1
See page viii for more information.
ACTIVITY 1 - Have an Interest in Banking
Learning Objectives
• Students will be introduced to the barter system and identify some
features of the monetary system.
• Students will identify the two main services banks provide
• consumers. This is to deposit savings and to borrow money.
• Students will differentiate between interest from savings and interest
from borrowings.
Lesson Duration
» 60 minutes
Preparation
» draw Figure 1 Saver and Borrower on the board
» copy Which Interest is Which? activity sheet
Key Terms
• barter
• interest
• deposit
• transaction
• withdrawal
• bank account
• currency
Teacher Notes
Students will have been exposed to many advertisements from banks on TV, newspaper,
internet and radio.
During this unit encourage students to collect advertising material from banks. Discuss with
students why interest rates are used by banks to persuade consumers to use their services.
Samples of early finisher/extension tasks for this unit of work are included on page 31.
Barter: Exchanging goods or services for other goods or services.
Introduction
Money, Money, Money,
KU 4
KU 2
C2
KU 3
Students individually brainstorm the topic 'Money' for one minute. Individuals then make pairs and combine
lists without repeating common ideas. Pairs join fours to create larger lists or compile to form a class list.
This list can be added to throughout the Money, Money, Money Unit.
The “History of Money”
A long time ago, people didn’t use money to buy goods and services. They would trade something they
owned for something they needed. If the shoemaker needed some bread, she would give the baker some
shoes, and the baker would give her some bread. This was called “bartering.”
Ask the students:
"What would a fair exchange be for two kilograms of rice?"
"Are there any problems with bartering?"
R1
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