Forms of Monetary Exchange
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Dollar Bill and Australians Keep The Wheels Of Industry Turning - YouTube

Dollar Bill and Australians Keep The Wheels Of Industry Turning - YouTube | Forms of Monetary Exchange | Scoop.it
Made in 1965 for the Decimal Currency Board in preparation for the changeover to decimal currency on February 14 1966. Dollar Bill and company parade to the ...
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Briefly explains why the previous British Sterling system was replaced by the current Australian currency system. Also, catchy jingle is catchy! 

 

NFSA Films. (2010). Dollar Bill and Australians Keep the Wheels of Industry Turning [Video File]. Retrieved April 4, 2014, from https://www.youtube.com/watch?v=5ZTeWLA1LAs#t=22

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4. History of Money

4. History of Money | Forms of Monetary Exchange | Scoop.it
If you would like a new CD you would probably go into a shop and buy one using coins or notes. (You might need to do a bit of saving first!) However, this way of paying for the things you want did not always exist. Find out more ...
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This webpage inquires into the history of monies, providing some explanations to why some forms of currency was altered and adapted to better suit the needs of peoples of society; for example, bartering – a way of trading – were evidently viewed with disadvantages and thus a form of currency was required to meet those type of situations. By examining the information on this webpage, students will be able to determine various “forms of monetary exchange” (NSW Board of Studies, 1998, p. 49) that have been utilised throughout history. We are able to gather that the first form of “money” was animals such as cattle, sheep and camels, and the Chinese were the first to use metal in their money (Back & Pumfrey, 2014). Through this, we are able to note that before coins and notes were utilised in our modern contemporary society, peoples of ancient civilisations and societies relied on objects and animals to “provide goods and services to satisfy needs and wants” (NSW Board of Studies, 1998, p. 48). As civilisations and societies began trading via ships, particular objects such as cowrie shells and sharks’ teeth were viewed as precious commodities and therefore valuable forms of monetary. It can be suggested that through technology and links between societies, particular forms of objects were denoted as valuable forms of monetary exchange due to their rarity. As such, students begin to understand the importance of money and its value and contribution to our modern contemporary society in order to purchase goods and services.

 

 

In an activity, students in groups collaborate and discuss what valuable commodities are used in our contemporary society and attempt to determine (by estimation) where they might be able to find these rare forms of monetary exchange.

 

EN1-9B – Uses basic grammatical features, punctuation conventions and vocabulary appropriate to the type of text when responding to and composing texts (NSW Board of Studies, 2012, p. 71)

EN1-10C – Thinks imaginatively and creatively about familiar topics, ideas and texts when responding and composing texts (NSW Board of Studies, 2012, p. 73)

 

Students individually compose a piece of writing that depicts the chosen form of monetary resource and briefly highlights where it may originate. As an extension, students can also suggest if their form of monetary resource may have been utilised for exchange and trade; for example, gold may have been previously used as a form of monetary exchange so students may seek what it may have been exchanged for. 

 

References:

1. Back, J. & Pumfrey, L. (2014). History of Money. Retrieved April 2, 2014 from http://nrich.maths.org/2587

2. NSW Board of Studies. (2012). English L-10 Syllabus Volume 1: English K-6 Syllabus. Sydney: B.O.S. Retrieved April 1, 2014, from http://syllabus.bos.nsw.edu.au/download/

3. NSW Board of Studies. (1998). Human Society and Its Environment K-6 Syllabus. Sydney: B.O.S., Retrieved April 1, 2014, from http://www.boardofstudies.nsw.edu.au/

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Barter - YouTube

From Schoolhouse Rock - Money Rock. Explains the concept of bartering, and evolution of currency.
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What is Bartering?

 

Barter is a system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. 

 

Warkentin, E. (2009). Barter [Video File]. Retrieved April 2, 2014, from https://www.youtube.com/watch?v=J7hNOt2Y0J8

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Herschel's World of Economics: Goods and Services - YouTube

Herschel learns that it takes work to produce the goods and services that satisfy people's economic wants. More at www.kidseconposters.com
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This video provides a vivid description of what goods and services are and highlights the correlation and relationship between goods and services, and working and earning money; as such, children begin to understand the value of money as you work and earn money in order to purchase goods and services.

 

Indiana Council for Economic Education. (2011). Herschel's World of Economics: Goods and Services. Retrieved April 3, 2014, from https://www.youtube.com/watch?v=wy0TrDCiqLw

 
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1. Home - Global Money Week

1. Home - Global Money Week | Forms of Monetary Exchange | Scoop.it
Global Money Week is a global money awareness celebration that will take place between 10 March and 17 March 2014 to engage children worldwide in learning how money works, including saving, creating livelihoods, gaining employment, and entrepreneurship.
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Daniel Lee's insight into Global Money Week:

 

Global Money Week aims to create global awareness for the significance of monies and how it is exercised in various ways in our modern contemporary. Children around the globe "talk, play, create, sing, read, discuss and learn about saving, money, changing economic systems and building a financial future for youth" (Global Money Week, 2014).  The program predominantly focuses on children working with currencies and exhibits how people in our modern contemporary connect and link to provide goods and services to satisfy needs and wants.

 

In a preceding promotional video (Global Money Week, 2013), we see children briefly discuss the significance of budgeting and what savings can allow them to achieve; this includes “games and clothes” and “a sweet sixteen” (Global Money Week, 2013). They are beginning to understand the importance of monies and savings, and how it can be utilised to “satisfy needs and wants” (NSW Board of Studies, 1998). The video also highlights several activities that students are undertaking, including presentation of an important concept, arts and craft, and playing with some mathematics games. This indicates that there are potentials for cross-curricular lessons and activities so that students can better understand and grasp these critical notions of monies effectively.

 

The site provides a wide range of resources for a diverse range of learners and caters for students of all stages:

http://globalmoneyweek.org/Information/toolkit.html

 

Although Global Money Week is a commercial program that continues for a week, it can be implemented into a sequence of activities that students are actively engaged in. As seen in the resources kit, students appropriately share messages in social medias such as Facebook and Twitter to create awareness for the prominence of monies.

 

As we are focussed on Stage 1, it is more appropriate to introduce and scaffold the basic concepts of money in order to avoid the complexities as children may feel confused and overwhelmed by the various concepts initiated by Global Money Week; thus the importance of savings and usage of monies on an everyday basis should be thoroughly focussed on for Stage 1.

 

For Stage 1 learners, an introductory lesson could initiate and familiarise students with money and what it means to them; they can openly discuss in a sharing circle and brainstorm how money is applied to their everyday lives. As teachers, we can invoke deeper thinking by provoking open-ended questions such as “Why do you think it is important to save?” or “What are some things you would like to buy with your own money”. We are able to allow students to carefully consider and become analytical thinkers in these critical discussions; the resources kit from the Global Money Week 2014 provide a wide range of activities to showcase how money works and depict the significance of savings. For a cross-curricular activity, we are able to link with literacy and influence students’ writing.

EN1-9B – Uses basic grammatical features, punctuation conventions and vocabulary appropriate to the type of text when responding to and composing texts (NSW Board of Studies, 2012, p.71)

 

Students can complete sentences such as “Global Money Week is important because…” or “I save because…” (Global Money Week, 2014) to demonstrate their understanding and also allows teachers to assess their writing. Students can return to the circle and share their ideas with their peers and discuss how their perspective of saving and monies. In addition, we are able to present and share with the world via Facebook, twitter or even creating a blog.

 

Global Money Week is important because......

#GlobalMoneyWeek /#GMW2014

I save because......

#GlobalMoneyWeek /#GMW2014

(Global Money Week, 2014)

 

In doing so, students will be able to gain further understanding of their actions and observe responses from students around the globe. 

 

References:

1. Global Money Week. (2013). Child & Youth Finance - Global Money Week 2013 [Video file]. Retrieved April 1, 2014, from https://www.youtube.com/watch?v=3LIJKtIUyyg

2. Global Money Week. (2014). Global Money Week 2014. Retrieved April 1, 2014 from http://globalmoneyweek.org

3. NSW Board of Studies. (2012). English L-10 Syllabus Volume 1: English K-6 Syllabus. Sydney: B.O.S. Retrieved April 1, 2014, from http://syllabus.bos.nsw.edu.au/download/

4. NSW Board of Studies. (1998). Human Society and Its Environment K-6 Syllabus. Sydney: B.O.S., Retrieved April 1, 2014, from http://www.boardofstudies.nsw.edu.au/

 

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5. Australian Money - Australian Currency

5. Australian Money - Australian Currency | Forms of Monetary Exchange | Scoop.it
Australian currency or Australian money is the Australian dollar and consists of banknotes and coins.
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This webpage highlights the changeover from the British sterling system (with the pound being the main unit) to the current decimal system that the Australian currency is based on. Through the video (NFSA Films, 2010), we are able to gather that to promote the new currency system in 1966, there was a “concentrated education program to get the public ready including media coverage with advertisements and a great little jingle” (Australian Information Stories, 2013). The purpose of this resource is to highlight how forms of monetary exchange are altered and modified in order to better suit the needs of contemporary modern society; Australia, for example, underwent this change on the 14th of February 1966 (Australian Information Stories, 2013) and removed the prior British sterling system. An interesting note is that a catchy jingle was implemented in order for the citizens to remember and recall this significant change:

In Come the Dollars, In Come the Cents

In come the dollars and in come the cents

to replace the pounds and the shillings and the pence.

Be prepared folks when the coins begin to mix

on the 14th of February 1966.

 

Clink go the cents folks clink, clink, clink.

Changeover day is closer than you think.

Learn the value of the coins and the way that they appear

And things will be much smoother when the decimal point is here.

 

 

In come the dollars and in come the cents

To replace the pounds and the shillings and the pence.

Be prepared folks when the coins begin to mix

On the 14th of February 1966.

 

(Australian Information System, 2013)

 

Students will be able to understand that through the changes of monetary exchange, certain measures must be taken for the implementation to be successful. Also, they will also gather that through technology, social changes and access to resources, forms of monetary exchange are modified for simplification; this is exemplified as the previous British sterling system was much more complicated than the current decimal system effected (NFSA Films, 2010).

EN1- 6B – recognises a range of purposes and audiences for spoken language and recognises organisational patterns and features of predictable spoken texts (NSW Board of Studies, 2012, p. 65).

A teaching idea would be to compare the forms of monetary exchange utilised by previous civilisations and societies and discuss their issues/why the current structure is effective and simple. In groups, students focus on one type of monetary exchange such as trading of animals and explain, in a sharing circle, why that particular type of resource would not be viable as a form of monetary exchange in our modern contemporary society.

 

As we are assessing on their process and performance, it will allow students to “demonstrate not just what they know, but what they can do with what they know” (Gilbert & Hoepper, 2014, p. 99). 

 

References

1. Australian Information System. (2013). Australian Money: All About Our Notes & Coins. Retrieved April 4, 2014, from http://www.australian-information-stories.com/australian-money.html

2. Gilbert, R. & Hoepper, B. (2014). Teaching Humanities And Social Sciences: History, Geography, Economics & Citizenship in the Australian Curriculum. 5th Edition. South Melbourne: Cengage Learning Australia.

3. NSW Board of Studies. (2012). English L-10 Syllabus Volume 1: English K-6 Syllabus. Sydney: B.O.S. Retrieved April 1, 2014, from http://syllabus.bos.nsw.edu.au/download/

4. NFSA Films. (2010). Dollar Bill and Australians Keep the Wheels of Industry Turning [Video File]. Retrieved April 4, 2014, from https://www.youtube.com/watch?v=5ZTeWLA1LAs#t=22

 

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3. 10 Strange Forms Of Ancient Currency

3. 10 Strange Forms Of Ancient Currency | Forms of Monetary Exchange | Scoop.it
In modern times we take coins and paper money for granted. In the ancient world, however, people assigned monetary value to a wide variety of objects. Whil
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In this webpage, we explore various forms of currencies that ancient civilisations utilised for monetary exchange, their reliance on a wide variety of objects will demonstrate how people in systems “link to provide goods and services to satisfy needs and wants” (NSW Board of Studies, 1998, p. 48). Students will become knowledgeable in some forms of currency that peoples from ancient cultures and civilisations utilise to acquire the goods and services that they desire; this includes substances such as salt was the primary currency in East Africa throughout the Middle Ages (Yaylaian, 2013).

 

A teaching idea would be discussing what everyday objects in modern contemporary society could be used as a monetary exchange for children. Working in groups of 3-4, students examine and consider the practicality of objects and determine why it could be used as a source to exchange goods and services. After each discussion, each group presents their type of currency and provides a scenario in which their currency is being utilised to provide a good or service to satisfy a need or want (NSW Board of Studies, 1998, p. 48). Also, to expand on their creativity, each child can create artworks to depict visual representations of a situation involving their particular form of currency (An example could include a child trading two pieces of candy for a toy that they desire).

 

This could potentially become a cross-curricular activity:

EN1-1A – communicates with a wide range of people in informal and guided activities demonstrating interaction skills and considers how own communication is adjusted in different situations (NSW Board of Studies, 2012, p. 56).VAS1.1 – Makes artworks in a particular way about experiences of real and imaginary things (NSW Board of Studies, 2006, p. 24).

 

References:

1. NSW Board of Studies. (2006). Creative Arts K-6 Syllabus. 

Sydney: B.O.S. Retrieved April 1, 2014, from http://k6.boardofstudies.nsw.edu.au/wps/portal/go/creative-arts

2. NSW Board of Studies. (2012). English L-10 Syllabus Volume 1: English K-6 Syllabus. Sydney: B.O.S. Retrieved April 1, 2014, from http://syllabus.bos.nsw.edu.au/download/

3. NSW Board of Studies. (1998). Human Society and Its Environment K-6 Syllabus. Sydney: B.O.S., Retrieved April 1, 2014, from http://www.boardofstudies.nsw.edu.au/

4. Yaylaian, R. (2013). 10 Strange Forms of Currency. Retrieved April 1, 2014, from http://listverse.com/2013/06/21/10-strange-forms-of-ancient-currency-2/

 

 

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2. Australian Aboriginal Peoples: Trading

The Excerpt from the Article

 

Trade. 

 

Aboriginal trade routes covered the continent, connecting different social and ecological systems across Australia. Some of the routes probably existed for over 20,000 years. The Aborigines exchanged trade goods from person to person and from group to group. Scientists have documented this ancient trade by tracing the sources of particular types of stone used for tools. Some types of stone have been found up to 500 miles (800 kilometers) from their origin.

In addition to stone tools and blades, trade items included such objects as wooden and bamboo spears, different types of ocher, spear-throwers, sacred objects, and a chewing tobacco called pituri. The Aboriginal people also exchanged songs and rituals called corroborees, and borrowed forms of social organization from other groups.

Through trade, it was possible for the Aboriginal people to use tools made of materials that they could not obtain locally. Trade also helped people form partnerships outside of their local groups. Partnerships were important, because if the food or water of one country failed, people needed to stay with neighbors who could support them temporarily. Especially in the desert, where rain was least predictable, people needed a good network of relations and partners on whom they could rely. In return for help in hard times, the Aborigines offered their hospitality when their own country was having a good season.

 

Rose, D. (2013). Australian Aborigines. In World Book Student. Retrieved from
http://worldbookonline.com/student/article?id=ar751036&st=australian+aborigines


Via Man Kwan Chan
Daniel Lee's insight:

This article explores the various assortments of utensils and tools that Aboriginal peoples utilised to trade for "materials that they could not obtain locally" (Rose, 2013). Through this, children learn the critical notion of bartering and the fundamental role of building partnerships and relationships between communities, as it is somewhat vital to the continuing survival of any Aboriginal community. Through this excerpt, we are able to observe that Aboriginal peoples in systems are able to "link to provide goods and services to satisfy needs and wants" (NSW Board of Studies, 1998, p. 48). Also, it is interesting to note that in linking with people in systems (NSW Board of Studies, 1998, p. 48), Aboriginal peoples exchanged songs and rituals called corroborees, and borrowed forms of social organization from other groups (Rose, 2013). We are able to gather that through the exchange of goods and services, Aboriginal communities are not only socially interacting but also engaging and building fundamental relationships with other communities; this is exemplified as some offered their hospitality when their own country was having a good season, and if the food or water of one country failed, their neighbours were able to temporarily support them (Rose, 2013).

 

A teaching idea would be creating artworks of the tools and utensils that Aboriginal communities utilised to trade with others. Students can create visual representations of tools such as “wooden and bamboo spears, different types of ocher, spear-throwers, sacred objects, and a chewing tobacco called pituri” (Rose, 2013).

 

VAS1.1 Makes artworks in a particular way about experiences of real and imaginary things (NSW Board of Studies, 2006, p. 24).

 

Note: Prior conceptions of these traditional tools are essential if students are to represent them; utilising a smart board to showcase a variety of images will allow students to grasp the visual images of this particular set of tools.

 

Although assessment often “brings to mind threatening and painful experiences of being judged negatively, and sometimes, embarrassingly, in public, for not learning something successfully” (Gilbert & Hoepper, 2014, p. 97), it is critical to provide positive reinforcement and cite interesting elements of any student’s artwork. Students can share their artworks in a sharing circle and allow other to observe their artworks. On a deeper level, students can think creatively and imaginatively about a story within their artwork; an example may be that they discuss what tools they might require and the tools they are willing to trade for it. [This can connect with literacy – EN1-10C – thinks imaginatively and creatively about familiar texts, ideas and texts when responding to and composing texts (NSW Board of Studies, 2012, p. 73)].

 

References: 

1. Gilbert, R. & Hoepper, B. (2014). Teaching Humanities and Social Sciences: History, Geography, Economics & Citizenship in the Australian Curriculum. 5th Edition. South Melbourne: Cengage Learning Australia.

2. NSW Board of Studies. (2006).  Creative Arts K-6 Syllabus. 

Sydney: B.O.S. Retrieved April 1, 2014, from http://k6.boardofstudies.nsw.edu.au/wps/portal/go/creative-arts

3. NSW Board of Studies. (2012). English L-10 Syllabus Volume 1: English K-6 Syllabus. Sydney: B.O.S. Retrieved April 1, 2014, from http://syllabus.bos.nsw.edu.au/download/

4. Rose, D. (2013). Australian Aborigines. In World Book Student. Retrieved from 

http://worldbookonline.com/student/article?id=ar751036&st=australian+aborigines

 

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Man Kwan Chan's curator insight, April 2, 2013 6:56 AM

This article talks about the different items that Australian Aborigines traded with other groups as a type of monetary exchange. It also provides a brief reason as to why they traded. For this activity, this information is more of a teacher's resource.

 

LINK: English - Outcomes TS1.3 & TS1.4 - more suitable for students in latter Stage 1

 

To be able to introduce this topic, students will need to have some background knowledge on their lifestyle, culture and resources available to the Aborigines. Teachers can begin by asking students if they think that they had money, like what we have now back then. Since they didn't, then ask what they think they would have done (cue bringing up the terminology of trade). As a class, discuss about the different items that they used to trade. The teacher can inform students of any missing items.

(NOTE: Teachers should make it clear that although trading was common, this does not mean that all groups did this.)

The teacher should then prompt students to think about the type of language or words that would be used in order to convince someone to trade with you. Select a pairs of students to model out this type of conversation.

 

Once students seem to understand the concept of trading, split the class into 3 or 6 groups, depending on the size of the class. Each group will assume the persona of an Aboriginal living in one of three types of areas: beach, desert or rainforest. In their groups, they are to brainstorm about the types of items that they can provide the other tribes and what they would need. Encourage students to at least have 3-4 items on both lists. Teachers should also prepare pictures of these three environments to help the brainstorming process.

 

It is important for teachers to specify the language and sentence structures that should be used in this activity, so as to achieve the outcome. Ames (1992) states that "the structure of learning environment can make different goals salient and consequently affect how students think about themselves (pg 261). Teaching expressing clearly to students about their expectations, allow them to understand the importance of those goals, which hold a direct link to the students' level of engagement and/ or motivation towards that goal.

 

 

Ames, C. (1992). Classrooms: Goals, Structures and Student Motivation. Journal of Educational Psychology, 84, 261-272.

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Child & Youth Finance - Global Money Week 2013 - YouTube

Global Money Week (March 15-21, 2013). Global Money Week is a series of activities organized nationally and coordinated globally by the Child and Youth Finan...
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Global Money Week 2013 Promotional Video:

 

It provides ideas for how students participate in this meaningful program and demonstrates the concepts and notions they are beginning to understand. 

 

Global Money Week. (2013). Child & Youth Finance - Global Money Week 2013 [Video file]. Retrieved April 1, 2014, from https://www.youtube.com/watch?v=3LIJKtIUyyg

 

 

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Forms of Monetary Exchange for Stage 1 Learners

Forms of Monetary Exchange for Stage 1 Learners | Forms of Monetary Exchange | Scoop.it
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This Scoop It site explores a series of digital resources that primary school teachers can utilise in Stage 1 classrooms so that learners are able to comprehend and grasp a deep understanding of forms of monetary exchange. 

In particular, it addresses:
SSS1.7 Explains how people and technologies in systems link to provide goods and services to satisfy needs and wants

- forms of monetary exchange

 

This site aims to educate children and showcase how various sources of funds and uses of technology link to provide goods and services to satisfy needs and wants in our modern contemporary society. It can be argued that technology plays a crucial role in linking people in order for either purchase or sell goods and services in society as technologies in various mediums provide an interaction between peoples in order for purchases and selling to occur. Children will begin to understand the closing bridge between technologies and forms of monetary funds as people in our modern contemporary society seek goods and services and the exchange of monetary funds moves past the exchange of physical cash. Also, they will begin to identify the various forms of monetary exchange that peoples in history appropriate in order to trade and distribute goods and services.

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