Download 3.E Money in the European Union High School Lesson Plan

Teaching the EU Toolkits Middle School Lesson Plan 3.E
What is the European Union? Money in the European Union
Objective: I can explain what the Euro is and why it is used. I know how to covert currency and
use exchange rates.
CCSS Standard(s):
CCSS.MATH.CONTENT.6.RP.A.3.D Use ratio reasoning to convert measurement units;
manipulate and transform units appropriately when multiplying or dividing quantities.
Materials needed:
Euro Coins PowerPoint
Currency Exchange Worksheet
Why the euro? Via Europa
Current exchange rate information, which can be found at websites including:
http://money.cnn.com/data/currencies/
Agenda:
To introduce the idea of the lesson, teacher will ask students if any have ever traveled outside
of the United States. If so, teacher will ask that student whether they were able to use dollars
to buy things in that other country. The student may explain that they were not able to use US
dollars, but that they had to exchange their money from home to use the currency (money) of
the other place.
Teacher will explain that different countries have different currency, or different types of
money. Using the “Euro Coins” PowerPoint, teacher will show students what currency in the
European Union looks like. Teacher may explain that some of the countries in the European
Union have agreed to use the Euro for a variety of reasons, including making it easier to buy
things in other countries, eliminating exchange costs, and promoting the economies of these
countries. Teacher may ask students to think about why it would be a good idea to have a single
currency rather than multiple. Students will brainstorm and share ideas about why this would
be beneficial.
Then, teacher will guide students to practice using current exchange rates, which can be found
online. Using proportional reasoning and ratios, students will convert prices from US Dollars to
Euros and will convert between other types of currencies. After some guided practice, students
will work on the “Currency Exchange” Worksheet independently or in groups in order to
practice using exchange rates.
If desired, educators may rent out a currency kit from the Center for European Studies at UNC
Chapel Hill in order to allow students to touch and see real Euro coins and Euro bill replicas.
Details can be found at UNC Chapel Hill’s Center for Global Initiatives.
Extension:
Students will read “How to Get the Best Exchange Rate (and Avoid Fees)” by David A. Kelly for
the New York Times and analyze the effect of exchange fees. They will then use this information
to further understand the benefits of the Euro. They will hypothesize the economic impact of
exchange fees and calculate how much exchange fees affect currency exchange of different
types.
Conclusion: The Euro was introduced for a variety of reasons, including to eliminate exchange
costs and to promote economic stability. Some, but not all, members of the EU use the Euro. I
know how to convert among different currencies.