Introduction
From the earliest days of mankind man has sought several ways to get the goods and services they desire. Over time they moved from a barter system to one in which currency was used. In today's world money (paper notes and coins) are used as legal tender. Money is no doubt important and all must know the value of money and its usage. The world is becoming more connected and thus trading has become a way of life. To offset this there has been consensus on a benchmark currency on which all currencies can be compared. Thus, when we want to exchange goods and services between countries it is easier as it allows equality and fairness.
Task
Mark just left Canada to spend his holiday in Jamaica. Upon landing Mark needed to pay the Taxi carrier Jamaican $3000 or the Canadian equivalent. The driver told mark he needed to find the exchange rate and then convert his country's currency to pay him or otherwise.
Please tell what is meant by exchange rate and find the equivalent Canadian amount Mark would give to the driver if the exchange rate is Canadian to Jamaican 1:86.74
Process
Activity: In class you are to ask your friends if they know what is meant by foreign exchange. Take down all their information
Compare: View this video and see if the information you collect is right.
https://www.youtube.com/watch?v=PGm7wQIrxeg
Now that you have that information then brainstorm in your groups about how you would complete the task
Activity: Watch this video to see if you are on the right path
https://www.youtube.com/watch?v=YDEl9jjYt6E
Using the same process set forth in the video complete the task given
Find Activities here for practice
Evaluation
clearly stated definition of foreign exchange (4)
Satisfactory definition of foreign exchange (2)
Poor definition of foreign exchange (1)
No definition (0)
Question answered with correct procedure followed (6)
Question answered but incorrect procedure (4)
Question not answered but correct procedure (2)
Question not answered and no procedure (1)
Students followed all the links and made notes from each (5)
Conclusion
Knowing how to convert currency is essential for today's society. With today' s connected world it is important than this proportional reasoning skill be perfected to help overcome some obsticles that might occur.
Teacher Page
Hi,
My name is Ansel Robinson i am a teacher in training and i am specialising in Mathematics and computer science.