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Calendar Item: Patent Awarded For Washing Machine on March 28, 1797


Money is What Money Does

Throughout history, a wide variety of items have served as money. These include gold, silver, large stone wheels, tobacco, beer, dog teeth, porpoise teeth, cattle, metal coins, paper bills, and checks. All of these types of money should be judged on how well they accomplish the functions of money. Money is what money does. To be a good medium of exchange, money must be accepted by people when buying and selling their productive resources and when buying and selling goods and services. It should be portable or easily carried from place to place. It also must be divisible so that large and small transactions can be made. To be a good store of value, money must be durable so it can be kept for future use. It also should have a stable value so people do not lose purchasing power if they use the money at a later time. To be a good standard of value or unit of account, money must be useful for quoting prices. To accomplish this, money must be familiar, divisible, and acceptable.

Grades: 9-12
Published: 02/12/1999

Marketplace: The Argentina Barter Fair

In April 2002, Argentina's economic situation seemed to be getting worse and worse. Banks closed for nine days before reopening on April 29, 2002. How did Argentinians function during that time? Amy Radil of NPR reported on the flourishing barter economy that sprung up through necessity. Her report provides background information for the students in this lesson as they examine inflation, barter systems, and the use of currency.

Grades: 9-12
Published: 12/23/2008

Focus on Economic Data: The Federal Reserve and Monetary Policy, January 11, 2015

This lesson utilizes the December 16-17, 2014, statement of the Federal Reserve's Federal Open Market Committee (FOMC) to explore the Federal Reserve's twin goals of price stability and full employment. This lesson discusses the role and importance of inflationary expectations for economic stability and effective monetary policy.

Grades: 9-12
Published: 01/29/2015

Related Publications

The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.


Advanced Placement Economics: Teacher Resource Manual

The teacher guide accompanies the student activities books in macro- and microeconomics for teaching college-level economics in AP Economics courses. The publication contains course outlines, unit plans, teaching instructions, and answers to the student activities and sample tests.

Grades: 9-12
Published: 2003

58 out of 58 lessons from this publication relate to this EconEdLink lesson.

Capstone: Exemplary Lessons for High School Economics - Teacher's Guide

This publication contains complete instructions for teaching the lessons in Capstone. When combined with a textbook, Capstone provides activities for a complete high school economics course. 45 exemplary lessons help students learn to apply economic reasoning to a wide range of real-world subjects.

Grades: 9-12
Published: 2003

45 out of 45 lessons from this publication relate to this EconEdLink lesson.

Focus: Understanding Economics in U.S. History

Focus: Understanding Economics in U.S. History uses a unique mystery-solving approach to teach U.S. economic history to your high school students.

Grades: 9-12
Published: 2006

40 out of 40 lessons from this publication relate to this EconEdLink lesson.