September 21, 2005 The IMF Center of the International Monetary Fund, in partnership with the U.S.'s National Council on Economic Education (NCEE), has launched an instructional program for secondary school students about the effects of globalization and the importance of understanding the dynamics of the global economy. Thinking Globally: Effective Lessons for Teaching about the Interdependent World Economy are eight classroom-tested lessons on globalization, comparative advantage, economic growth, exchange rates, and other international topics.
Lessons #1 and 2 focus on the IMF and its role in the global economy. Lesson #1: Ten Basic Questions about Globalization focuses on the history, impact and future implications of living in a globalized economic system. Lesson #2: What is the IMF and What Does it Do? Introduces the IMF and its role in fostering global economic stability through monetary and financial cooperation.
Lessons #3-8, on trade, international organizations, currencies and foreign exchange, are previously-released lesson plans produced by NCEE. Lesson #3: Why People Trade Students participate in a trading simulation and use this experience to discover the benefits of free trade. Lesson #4: Comparative Advantage and Trade in a Global Economy Students observe or participate in a role-play situation in which one person is better at both of two activities. Lesson #5: "Hey, Hey! Ho, Ho! Why Do We Need the WTO?" Several activities are used to introduce students to six international institutions that play important economic roles, especially in the areas of international trade, finance and development. Lesson #6: Why are Some Nations Wealthy? Students work in groups to examine data from several nations regarding size, natural resources and population. Lesson #7: Foreign Currencies and Foreign Exchange Students participate in a simulated foreign exchange market. Provides an opportunity for students to use supply and demand analysis to explain how flexible exchange rates are established in currency markets. Lesson #8: Exchange Rates: Money around the World Students participate in two auctions to demonstrate the determination of flexible exchange rates and the need for foreign currency to purchase goods from other countries.
See also: Press Release: IMF Launches Lesson Plans for Secondary School Economics Teachers, September 21, 2005 (http://www.imf.org/external/np/sec/pr/2005/pr05211.htm) Lesson plans #1-8 are available in PDF format here: http://www.imf.org/external/np/exr/center/econed/index.htm#think
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