Living in a Global Economy

Civics The American Economy Living in a Global Economy
Students compare exchange rates for different currencies against the dollar. Next they examine the role of imports and exports in a nation’s economy and how the cost is affected by the value of foreign currency. Then they analyze some factors that may cause the value of a currency to fluctuate. Finally they contrast a single-resource economy (Saudi Arabia) and a diversified economy (the United States).

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Overview

In this experience, students compare exchange rates for different currencies against the dollar. Next they examine the role of imports and exports in a nation’s economy and how the cost is affected by the value of foreign currency. Then they analyze some factors that may cause the value of a currency to fluctuate. Finally they contrast a single-resource economy (Saudi Arabia) and a diversified economy (the United States).

Objectives

  • Describe why countries trade.
  • Analyze how the value of currency affects international trade.
  • Explain the benefits of a diversified economy.


Engage


digital board showing the exchange rate for different currencies

Currency Exchange Board in Australia


We live in a global world. You may watch shows or listen to music from other countries. You may eat foods grown in faraway nations. You likely own clothing that was made outside of the United States. In this lesson you will learn about the global economy.

Objectives

  • Describe why countries trade.
  • Analyze how the value of currency affects international trade.
  • Explain the benefits of a diversified economy.

Watch the video about the Big Mac Index.

Now use an online currency converter to determine the price of $1 in any three other countries. This value is called the exchange rate. Note that the exchange rate of many of these currencies fluctuates daily.


Record your findings in the table. Post the country, the value, and the currency. For example: England, 0.75 Pound sterling.


Tell students:
Countries where one unit of their currency is worth more than US$1 are said to have strong currencies. For example, one Kuwait dinar (KWD) is worth over $3. Imagine a family from Kuwait is traveling to the United States. Before the trip they exchange 100 KWD and receive $300.

Countries where one unit of their currency is worth less than US$1 are said to have weak currencies. For example, one Iranian rial (IRR) is worth much less than a penny. An Iranian family traveling to the United States would need to exchange over 12 million IRR to receive $300.


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The Complete List of Learning Experiences in The American Economy Unit.
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