Introduction to the Concept of Money » BMI-CTY Entrepreneurship Training

Introduction

Lesson Outline:

Definition of Money

Explain: Money is a special item people use to pay for goods and services. It helps us buy things we need, like food, clothes, or toys. It is something people use to buy what they need and what.
Activity: If possible, show real money (e.g., coins and notes). Explain that these are examples of what people use to buy things.
Practical: Give each pupil a small task to ‘pretend’ to buy something from an imaginary store. For instance, they can exchange a coin for a piece of paper with a ‘toy’ written on it.

The Evolution of Money

Introduce the history of money: Explain how people started with barter, moved to coins and paper, and now use digital transactions.
Show visual aids of different money types and discuss how each type was used.

Barter System: Trading goods for goods (e.g., exchanging yams for fish).
Commodity Money: Using items like cowrie shells, salt, or gold as money.
Metal Coins: Coins made from metals like gold and silver were durable and easy to carry.
Paper Money: Lighter and backed by banks and governments.
Digital Money: Today, we use cards, mobile money, and even cryptocurrencies.

Discussion:

Class Activity: Role-play a barter scenario where students exchange items they ‘own’, then show how much easier it is to trade with play money.

Major Currencies of the World: Here are some major currencies of the world;