Economics Lesson Three

Subject: Economics

Resource type: Lesson

Skills: Problem Solving, Teamwork

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Clément’s and the Exchange Rate Dilemma: In this activity, students explore how foreign exchange rates can effect the pricing strategies of organisations, particularly those in the hospitality sector. Access our comprehensive resource package, including detailed teacher notes, PowerPoint, student worksheet and answer sheet. Adapt to your classroom’s needs for a dynamic learning experience. Login, or create an account, to download these resources.

Scenario

Nicolas is a manager at Clément’s in London, an exclusive hotelier. He is currently working with the finance team to set prices for their busy summer season. Nicolas and the finance team need to decide whether they should raise or lower their prices.

Learning Aim

To be able to understand exchange rates and how they are determined through the interaction of supply and demand, and the effect of changes on consumers and producers.

Skills Builder Links

Problem solving step 8
I explore complex problems by analysing the causes and effects.

Teamwork step 7
I contribute to group decision making, whilst recognising the value of others’ ideas.

Curriculum Table

England: The national curriculum (England)International trade and the global economy
Students must know and understand exchange rates, how they are determined through the interaction of supply and demand, and the effect of changes in the exchange rate on consumers and producers.
Scotland: The National 5 Business ManagementGlobal economic activity
Exchange rate – definitions of exchange rates; effects on individuals and firms.
Currently, there is no WJEC GCSE economics qualification available. WJEC only provides Economics at A-Level.
Wales: WJEC GCSE in business specificationCurrently, there is no WJEC GCSE economics qualification available. WJEC only provides Economics at A-Level.