I've heard recently about the collapse of Zimbabwe's currency and how they just keep printing larger and larger notes and that something like this probably wouldn't buy a cup of coffee. (Apparently not true!) What causes inflation? How does this connect to our own currency? I know I wanted to investigate, so I hope students will too!
Grade Level: 4-9
Course: Math, Pre-Algebra, Algebra
Standards: 6.RP.1, 6.RP.2, 6.RP.3, 7.RP.1, 7.RP.2
SMP: MP1, MP2, MP3, MP4, MP5, MP6, MP7
Skills: Research, Conversion, Scientific Notation
How to use this as a mad minute:
You have 60 seconds. What is this worth in US Dollars?
How to use this as a warm up:
You could ask the students to consider one of the following:
1. Write one hundred trillion in scientific notation.
2. As of May 21, 2013, 1 dollar in Zimbabwe is worth 0.00276 US Dollars. How much is this note worth?
3. What would 100 trillion US dollars be worth in Zimbabwe currency?
4. If the US had 100 trillion dollars and divided it evenly among the citizens, how much would you get?
5. Can you name the largest US bank note? Why is that the largest one?
6. Why can't poor countries just create these kinds of bills to pay off debts?
How to use this as a mini-lesson:
I would start with a conversation, asking students for their immediate thoughts and ideas. PLEASE explore those and go with the flow! They will ask amazing questions and take your class in directions you can't imagine! If conversation stalls, try the warm up questions to get them talking and thinking. They really need a way to frame this number!
Ask them to think about why the US doesn't create bills this large. Is this even a real bill? If so, could you cash it in at a bank? Why or why not?
Why don't poor countries just make money like this and bring it to the US to cash it in?
How to use this as a full lesson?
I would start with the warm up and mini lesson outlined above and then I would set the kids loose with a challenge.
CHOOSE ONE:
a. Research inflation. What causes it? How is it controlled? What happens when it isn't controlled? How will inflation affect YOU in 20 years?
OR
b. Consider the IMP activity about the price of eggs. (This is best for an Algebra 1 level class.) It helps students to understand inflation and how prices grow and to predict the price of eggs in the future! Link
OR
c. Research the reasons for the collapse of the Euro and the financial crisis in Europe. Create a 1 page poster that explains the BIG issues. WHO? WHAT? WHERE? WHEN? WHY?
OR
d. Choose a common item. (Such as a pair of jeans.) Find out the cost of that item in 5 different countries and convert it from the original currency to US Dollars. (Use proportions to convert!) Consider why prices vary so greatly in other countries. Discuss why a pair of jeans would be more or less expensive elsewhere.
I'd ask students to be prepared to share their findings (perhaps in a jigsaw) with other students with about 15 minutes left in class. This isn't intended to be a long term activity!
How to use this as an assessment?
You know your students best! I would not use this as a formal assessment. You could, however, find a similar graphic and ask it as a constructed response item on an assessment of your own! You could take any of the lesson options above and extend it with provided rubrics, more structured questions, etc.
Please feel free to use any of these ideas and modify them to meet your needs. However, please acknowledge the original source of the items and my own lesson outlines. ©NatalieRSprigg 2013
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