Objectives (5 - 7 minutes)

1. To understand the basic concept of inflation in the context of economic indicators.
2. To explain how inflation affects the purchasing power of money and the overall economy.
3. To identify and analyze real-world examples of inflation and its impact on everyday life.

Secondary Objectives:

• To develop critical thinking skills through the analysis of economic data.
• To enhance collaborative learning and problem-solving abilities through group activities.
• To improve communication skills through class discussions and presentations.

Introduction (10 - 12 minutes)

1. The teacher begins the lesson by reminding students of the basic concepts of economics they have already learned, such as the meaning of 'economy', 'money', and 'price'. This will help students to connect the new topic of 'inflation' to their existing knowledge. (2 - 3 minutes)
2. The teacher then presents two problem situations to the students: a. Scenario 1: "Imagine you have a savings account with $100. You plan to keep this money for a year. However, at the end of the year, you find that the prices of all the things you want to buy have gone up. How would you feel? Why do you think this has happened?" b. Scenario 2: "Suppose you are working part-time and earning $10 per hour. Suddenly, you hear that the government has increased the minimum wage to $15 per hour. What do you think will happen to your situation? How will this impact the economy?" (3 - 4 minutes)
3. The teacher then contextualizes the importance of the subject by relating it to real-world examples. For instance, they can explain how inflation can erode people's savings and affect their standard of living. They can also mention how governments and central banks closely monitor inflation rates to make economic decisions. (2 - 3 minutes)
4. To introduce the topic in an engaging way, the teacher shares two intriguing facts or stories related to inflation: a. Fact 1: "Did you know that in the 1920s, Germany experienced a hyperinflation period where prices were doubling every few days? At its peak, people would carry their money in wheelbarrows because the currency was so devalued." b. Fact 2: "In 2008, Zimbabwe experienced hyperinflation so severe that the government had to print a 100 trillion-dollar note, yet it couldn't even buy a loaf of bread!" (3 - 4 minutes)
5. The teacher concludes the introduction by stating that understanding inflation is essential for making informed personal finance decisions and for comprehending economic policies and news.

Development (20 - 25 minutes)

Activity 1: Inflation Role Play (8 - 10 minutes)

1. The teacher divides the class into groups of 4 or 5 students and explains the activity: they are going to perform a short role play that illustrates the concept of inflation. Each group will be given a specific scenario that involves a change in prices and the subsequent impact on their purchasing power. (2 - 3 minutes)
2. The teacher provides each group with a role play scenario card. These cards contain a simple narrative that describes a situation where the prices of goods or services have increased. For example, a card could describe a scenario where a group of friends saves up to buy a video game console, but when they finally have enough money, the price has increased due to inflation. (2 - 3 minutes)
3. The groups are given a few minutes to read and understand their scenarios. They then discuss and plan how to perform their role play, focusing on how they can show the impact of inflation on their characters' purchasing power. (3 - 4 minutes)
4. After the preparation time, each group presents their role play to the class. The rest of the students are encouraged to identify the effects of inflation in the scenarios presented. (1 - 2 minutes per group)

Activity 2: Inflation Research and Presentation (12 - 15 minutes)

1. The teacher explains the second activity: each group will be given a different real-world example of a period of significant inflation. They are to research their assigned case and prepare a brief presentation for the class. (2 - 3 minutes)
2. The teacher distributes the research cards to each group, which contain information about a specific historical or current event of inflation, such as the Weimar Republic hyperinflation or the more recent Venezuelan inflation crisis. The cards include facts about the period of inflation, its causes, and its effects on everyday life. (2 - 3 minutes)
3. The students are given time to read and discuss their research cards, using the provided resources (books, internet, etc.) to gather more information. They are asked to focus on how the inflation event affected the purchasing power of the people involved and the overall economy. (4 - 5 minutes)
4. The groups then create a presentation, using visuals and bullets points to highlight the key points of their research. They should ensure they cover the causes and effects of inflation in their assigned case. (2 - 3 minutes)
5. Groups present their findings to the class, briefly explaining their chosen event, its impact, and how it relates to the concept of inflation. (1 - 2 minutes per group)

The Development phase concludes with a brief wrap-up, where the teacher revisits the main insights from the activities and encourages students to reflect on how the activities helped them understand the impact of inflation on purchasing power and the economy.

Feedback (8 - 10 minutes)

1. The teacher initiates a group discussion where each group is given a chance to share their solutions or conclusions from the activities. The teacher facilitates the discussion, ensuring that all groups have an opportunity to voice their thoughts and ideas. (3 - 4 minutes)

2. The teacher then asks the students to reflect on the connection between the activities and the theory they have learned. The students are encouraged to discuss how the role plays and research presentations helped them understand the impact of inflation on their purchasing power and the overall economy. The teacher guides the students to make these connections, reinforcing the main learning points. (2 - 3 minutes)

3. The teacher then proposes that the students reflect individually on the lesson. The students are asked to write down their responses to the following questions:

   1. What was the most important concept you learned today about inflation?
   2. Which questions or doubts do you still have about inflation that you would like to explore further?
   3. How can you apply the knowledge about inflation in your everyday life? (2 - 3 minutes)

4. The teacher collects the students' written responses and reviews them to understand the students' learning outcomes and to identify any areas that may need further clarification or reinforcement in the next lesson. The teacher also uses these responses to gauge the effectiveness of the lesson and to make necessary adjustments for future lessons. (1 minute)

5. The teacher concludes the feedback session by summarizing the key points of the lesson, answering any outstanding questions, and providing a brief overview of the next lesson's topic. The teacher also encourages the students to continue exploring the concept of inflation on their own and to bring any further questions or insights to the next class. (1 minute)

Conclusion (5 - 7 minutes)

1. The teacher begins the conclusion by summarizing the main points of the lesson. They recap the definition of inflation and its impact on the purchasing power of money, emphasizing the real-world examples and scenarios discussed during the lesson. The teacher also revisits the students' solutions from the role play activity and the key findings from the research presentations. (2 - 3 minutes)

2. The teacher then explains how the lesson connected theory, practice, and applications. They highlight how the theoretical understanding of inflation was applied in the role play activity, where students had to interpret and act out the effects of inflation on their purchasing power. The teacher also emphasizes how the research activity helped students apply their knowledge of inflation to analyze real-world economic events. (1 - 2 minutes)

3. The teacher suggests additional materials for students to deepen their understanding of inflation. These could include documentaries on hyperinflation in Zimbabwe and Germany, articles on recent inflation trends in different countries, or interactive online games that simulate the effects of inflation. The teacher encourages the students to explore these resources and to come prepared to the next class with any questions or insights. (1 minute)

4. Finally, the teacher explains the importance of understanding inflation in everyday life. They can give examples such as how inflation affects the prices of goods and services, the value of savings, and the decisions made by governments and central banks. The teacher also emphasizes that understanding inflation can help students make informed personal finance decisions and can give them a better understanding of news about the economy. (1 - 2 minutes)

5. The teacher concludes the lesson by thanking the students for their active participation and encouraging them to continue learning about economics. They also remind the students of the upcoming topics and assignments related to the subject. (1 minute)