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Southwest Asia The Middle East

Southwest Asia The Middle East. FSMS 7 th Grade Social Studies; Unit 3 Production, Distribution & Consumption (Foreign Exchange Rates) October 22 nd ; Day 37 Georgia Standard SS7E6c.d. The Middle East Production, Distribution & Consumption. Standard

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Southwest Asia The Middle East

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  1. Southwest Asia The Middle East FSMS 7th Grade Social Studies; Unit 3 Production, Distribution & Consumption (Foreign Exchange Rates) October 22nd; Day 37 Georgia Standard SS7E6c.d

  2. The Middle East Production, Distribution & Consumption Standard SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East). d. Explain why international trade requires a system for exchanging currencies between nations.

  3. FIRST FIVE Agenda Message: CDA II is November 1st, use your Study Guides from the recently completed Governments & Economies Quiz. Make Index Cards/Flash Cards for each of the Study Guide Questions. Standard: Explain why international trade requires a system for exchanging currencies between nations. E.Q. Thursday; 10/24/13: Why does International Trade require a system for exchanging currencies between nations? Warm Up: Briefly explain why nations trade with one another. TODAY WE WILL: • Foreign Exchange Rates/Exercise • Introduce the Four Factors that Influence Economic Growth

  4. Answers E.Q.Answer for Thursday; 10/24/13: Most of the countries in have their own type of currency (money). Countries must be able to exchange their currencies with those used by other countries around the world. Warm Up Answer: No Country has all the products, goods and services that it needs, as a result, countries trade with one another for those items they do not have.

  5. The Middle East Production, Distribution & Consumption Currency & Exchange Rates Most of the countries in Southwest Asia have their own type of currency (money). In order for countries to pay for goods as they trade with each other, the money from the 1st country must be converted (changed) into the money of the 2nd country. This system is known as the foreign exchange rate.

  6. The Middle East Production, Distribution & Consumption Currency & Exchange Rates cont. Countries must be able to exchange their currencies with those used by other countries around the world. In most of Western Europe, currency is called the Euro. In Southwest Asia, there are many different types of currency. In order for them to trade with each other, they have to be able to figure out what goods cost in each currency.

  7. The Middle EastProduction, Distribution & Consumption Currency & Exchange Rates cont. Hard-To-Believe-But-True! Do you know where to find out the current exchange rates for foreign currency? • You can look in the financial section of many daily newspapers, or • On specific Internet Sites • You can also buy a special calculator for the currency exchange feature found on many new smart phones

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