Objectives (5 - 7 minutes)

1. Understand the Concept of Money: Students will be able to explain what money is, its role in society, and why it is important for economic transactions. They will learn that money is a medium of exchange, a measure of value, and a store of wealth.

2. Learn the Functions of Money: Students will be able to identify and describe the four main functions of money: medium of exchange, unit of account, store of value, and standard of deferred payment. They will understand how these functions facilitate economic activities and influence the behavior of individuals and businesses.

3. Apply the Knowledge: Students will apply their understanding of the functions of money to real-world situations. They will analyze how the use of money affects their daily lives, the economy, and the global financial system.

Secondary Objectives:

1. Develop Critical Thinking: Through the flipped classroom approach, students will enhance their critical thinking skills by actively engaging with the pre-class materials and in-class activities. They will learn to apply their theoretical knowledge of the functions of money to solve problems and analyze situations.

2. Promote Collaboration and Communication: The in-class activities will be designed to encourage students to work in groups, promoting collaboration and communication skills. They will learn to effectively communicate their ideas, listen to others, and work together to solve problems.

3. Enhance Technological Skills: The pre-class activities will require students to use technology (e.g., online research, video watching) to learn about the functions of money. In class, they will use technology (e.g., presentation software, online quiz tools) to present their findings and participate in interactive activities.

Introduction (10 - 15 minutes)

1. Review of Previous Knowledge: The teacher begins the class by reviewing the basic concepts of economics that the students have learned before, such as the concept of supply and demand, goods and services, and the role of businesses in the economy. This is important to provide a foundation for the new topic and to ensure that all students are on the same page. (3 - 5 minutes)

2. Problem Situations: The teacher then presents two problem situations to the class. The first problem is about a barter system where a student wants to exchange his book for a pen but the other student doesn't need a book. The second problem is about a savings dilemma where a student wants to save his money, but he is worried about its safety. These problems aim to stimulate the students' thinking about the need for money and its functions. (3 - 5 minutes)

3. Real-world Applications: The teacher contextualizes the importance of the topic by discussing its real-world applications. The teacher can talk about how understanding the functions of money can help the students in their personal finance, such as budgeting and saving. The teacher can also explain how the functions of money are crucial in the functioning of the global financial system and international trade. (2 - 3 minutes)

4. Topic Introduction: The teacher introduces the topic of the day, the "Functions of Money". The teacher explains that money is not just a piece of paper or a coin, but it has specific functions that make it an essential part of the economy. The teacher also tells the students that they will be learning about the four main functions of money and how these functions affect their lives and the economy as a whole. (2 - 3 minutes)

5. Engaging Curiosities:

   • The teacher shares a trivia about the world's largest banknote, the 100 trillion dollar note from Zimbabwe, which became almost worthless due to hyperinflation. This story can intrigue the students to learn more about the function of money as a store of value.

   • The teacher also shares a fun fact about the barter system used in ancient times, where people exchanged goods and services directly without using money. The teacher can ask the students to imagine the difficulties of such a system and how the introduction of money simplified economic transactions. This fact can grab the students' attention and make them curious about the functions of money. (2 - 3 minutes)

Development

Pre-Class Activities (20 - 25 minutes)

1. Video-based Learning: Students will be assigned a short, engaging video that explains the four key functions of money in a clear and understandable manner. The video will outline each function—medium of exchange, unit of account, store of value, and standard of deferred payment—providing practical, real-world examples for each. Students will need to take notes as they watch.

2. Reading Assignment: After the video, students will be asked to read a short online article that delves deeper into each function of money. The article will help students connect the theoretical aspects of money's functions with real-world applications, such as how people use money to pay for goods and services, how businesses use money to keep track of their financial operations, and how individuals and businesses use money to save for the future.

3. Self-Assessment Quiz: To ensure comprehension, students will take a brief online quiz that covers the main points from the video and article. The quiz will include multiple choice and short answer questions.

In-Class Activities (25 - 30 minutes)

Activity 1: "Function of Money Marketplace" (10 - 15 minutes)

1. Materials Preparation: The teacher prepares four large posters, each representing one of the functions of money—medium of exchange, unit of account, store of value, and standard of deferred payment. The posters should be labeled clearly, and each should also include a brief description of the function and several examples.

2. Group Formation: The class is divided into four groups. Each group will be assigned one of the functions of money.

3. Task Explanation: The teacher explains the task: each group must create a "marketplace" for their assigned function of money. The marketplace should include visual representations (drawings, cutouts, etc.) of goods and services that exemplify their function. For example, the "medium of exchange" group might show pictures of people using money to buy groceries, while the "store of value" group might depict a piggy bank or a savings account.

4. Marketplace Creation: The groups are given 5 - 7 minutes to create their marketplaces. They can use markers, colored paper, and other craft supplies provided by the teacher.

5. Marketplace Presentation: After the time is up, each group takes turns presenting their marketplace to the class. They should explain the function of money they were assigned and how their marketplace represents this function.

6. Class Discussion: The teacher facilitates a brief discussion after each presentation, allowing students to ask questions and provide feedback. The teacher should also connect the presented material to the real-world economy, reinforcing the importance and practicality of the functions of money.

Activity 2: "Money's Multiple Roles" (15 - 20 minutes)

1. Materials Preparation: The teacher prepares a set of cards with various everyday scenarios that involve the functions of money. For example, one card might describe a situation where a student uses money as a medium of exchange to buy lunch at school, while another card might describe a situation where a business uses money as a unit of account to keep track of its sales and expenses.

2. Group Formation: The class remains in the same groups as the previous activity.

3. Task Explanation: The teacher explains the task: each group must match the scenarios on their cards to the correct function of money. They should discuss among themselves, using their understanding of the functions of money, the scenarios, and the examples from the marketplaces, to make the matches.

4. Role Matching: The groups are given 10 - 12 minutes to match their cards. They should place the matched cards in a pile, with the scenario side showing.

5. Role Presentation: After the time is up, each group takes turns presenting their matched cards to the class. They should explain why they matched each scenario to a particular function of money.

6. Class Discussion: The teacher facilitates a brief discussion after each presentation, allowing students to ask questions and provide feedback. The teacher should also correct any misconceptions and reinforce the importance and practicality of the functions of money.

By the end of these in-class activities, students should have a solid understanding of the four functions of money and how they apply to real-world situations. They will also have had the opportunity to work together, communicate their ideas, and use their critical thinking skills in a fun and engaging context.

Feedback (8 - 10 minutes)

1. Group Discussion: The teacher initiates a group discussion, giving each group the opportunity to share their solutions or conclusions from the in-class activities. Each group is given a maximum of 3 minutes to present. The teacher can use a timer to ensure that the time is equally distributed among all the groups. (4 - 5 minutes)

2. Connecting Theory and Practice: The teacher then facilitates a discussion to connect the solutions from the group activities with the theoretical concepts of the functions of money. The teacher can ask guiding questions to stimulate the students' thinking, such as "How does this activity illustrate the function of money as a medium of exchange?" or "Can you think of other real-world situations where the function of money as a store of value is important?" This discussion aims to help students see the practical applicability of the theoretical concepts they have learned. (2 - 3 minutes)

3. Reflection Time: After the group discussion, the teacher encourages the students to take a moment to reflect on the day's lesson. The teacher can pose the following questions for the students to consider:

   1. What was the most important concept you learned today?
   2. Are there any questions or concepts that you're still unclear about?
   3. How do you think understanding the functions of money can help you in your daily life?

   The students are given a minute to think about these questions. Then, a few students can share their reflections with the class. The teacher should make sure to address any remaining questions or misconceptions. (2 - 3 minutes)

4. Summarizing the Lesson: Finally, the teacher summarizes the key points of the lesson, reiterating the four main functions of money and their importance in economic transactions. The teacher also emphasizes the importance of money in their daily lives and encourages them to apply their knowledge of the functions of money in their personal finance decisions. The teacher ends the class by thanking the students for their active participation and reminding them of their homework assignment. (1 - 2 minutes)

Through this feedback session, the teacher can assess the students' understanding of the functions of money, address any remaining questions or misconceptions, and reinforce the key points of the lesson. The students, on the other hand, can reflect on their learning, clarify their understanding, and prepare for their homework assignment.

Conclusion (5 - 7 minutes)

1. Summary and Recap: The teacher begins the conclusion by summarizing the main points of the lesson. The teacher reminds the students of the four functions of money: medium of exchange, unit of account, store of value, and standard of deferred payment. The teacher also highlights the importance of these functions in economic transactions and the influence they have on individuals, businesses, and the economy as a whole. (1 - 2 minutes)

2. Connecting Theory, Practice, and Applications: The teacher then explains how the lesson connected theory, practice, and real-world applications. The teacher points out that the pre-class activities (video, reading, and quiz) provided the theoretical understanding of the functions of money. The in-class activities (marketplace creation and role matching) allowed the students to practice applying this theory to real-world situations. The discussion and reflection, on the other hand, helped the students to understand the practical relevance of these concepts in their daily lives and in the functioning of the economy. (1 - 2 minutes)

3. Additional Materials: The teacher suggests some additional resources for the students who want to further explore the topic. This could include a link to a documentary on the history of money, a book recommendation on personal finance, or a website where they can find more information about the functions of money and their applications. The teacher encourages the students to use these resources to deepen their knowledge and to prepare for future lessons. (1 - 2 minutes)

4. Importance of the Topic: The teacher concludes the lesson by emphasizing the importance of understanding the functions of money. The teacher explains that money is not just a tool for economic transactions, but it is also a key element in our daily lives and in the functioning of the global financial system. The teacher reminds the students that the knowledge they have gained in this lesson can help them make better financial decisions, understand economic news, and appreciate the complexities of the modern economy. The teacher also encourages the students to continue exploring the fascinating world of economics, as it has a profound impact on our lives and the world we live in. (1 - 2 minutes)

Through this conclusion, the teacher reinforces the key points of the lesson, helps the students to see the connections between the theory, practice, and applications of the functions of money, suggests additional resources for further learning, and emphasizes the importance of the topic in their daily lives and in the broader context of the economy. The conclusion also serves as a wrap-up for the lesson, providing a sense of closure and setting the stage for future learning.