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Overview In this experience, students first learn about exchange rates. Then they examine the elements that make up the global economy. Next they learn about the factors in creating a new t-shirt: resources, technology, producers, transportation and technology, and consumers. Finally they analyze the importance of a diversified economy. Students will collaborate in small groups for scene 3. There are different possible strategies (see the Teacher Note at the beginning of the scene), so divide the class into five small groups or into small groups of five students each, as appropriate for the strategy that you choose. Objectives
Nations interact in many different ways. They may have political alliances or conflicts. They may cooperate on scientific projects or academic research. They may exchange cultural ideas and formats. In this experience you will learn about one of the key means by which nations interact—through the global economy.
Objectives
Currency Exchange Board in Australia
Watch a 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, 0.82 Pound sterling.
Tell students: Countries where one unit of their currency is worth less than US$1 are said to have weaker currencies. For example, one Turkish lira (TRY) is worth a few cents. A Turkish family traveling to the United States would need to exchange over 5,000 TRY to receive $300.
Countries where one unit of their currency is worth more than US$1 are said to have strong currencies. For example, one Kuwaiti 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.
