1-6.2
Standard 1-6: The student will demonstrate an understanding of how and why people make economic choices and the importance of these choices for families.
1-6.2: Explain methods for obtaining goods and services, including buying with money and bartering. (E)
It Is Essential For Students To Know:
- It is essential for students to know the definition of bartering, the advantages and disadvantages of bartering, and different means of trading and producing goods and services.
- Students should understand that the main function of money is as a medium of exchange and should understand the main benefits of using money for this purpose.
- Students do not need to understand the historical evolution of money, however, examples of forms of money throughout history (shells, indigo, tobacco, etc) would be useful examples for students to know.
It Is Not Essential For Students To Know:
- It is not essential for students to know the additional functions of money and the official definition of the money supply.
- Students do not need to understand any of these issues relative to supply, demand, equilibrium pricing and/ or monetary policy.
1-6.2 Links To Information For Teachers