Exchange Rates
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Students describe and identify where certain items they own come from and the approximate price of these items. They learn that to purchase an imported item they have to pay the people from whom they bought the item in their country’s currency. Moreover, if they want to travel to another country, they have to pay for the goods and services they buy in that country’s currency. Students calculate foreign exchange rates and derive an equation to convert prices for goods in one country’s currency compared with another.
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