Money, Banking, and Financial Institutions

Grade 12 · Economics

Semester 1 | Period 3 | Week 17

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Subject: Economics

Semester: 1

Period: 3

Week: 17

School Name:

Teacher’s Name:

Subject: Economics

Grade Level: Grade 12

Week & Period: Week 17, Period III

Date:

Topic: Money, Banking and Financial Institutions
Sub-topic: Inflation and Unemployment – Concepts, Types, and Causes

Instructional Objectives

By the end of this lesson, learners should be able to:

  1. Define inflation and unemployment.
  2. Identify and describe types of inflation and unemployment.
  3. Explain causes and consequences of both inflation and unemployment.

 

Instructional Materials

  • Inflation/unemployment charts
  • Case studies on economic issues in Liberia
  • Whiteboard and markers

 

Previous Knowledge

Students have learned about money and financial institutions, including banks and their roles. Now they will explore major economic challenges.

 

A – Anticipation (Engagement/Warm-Up)

Motivational Set (5 minutes) Ask:

"Have you ever heard someone say 'things are too expensive now' or 'many people are losing jobs'? What do you think causes these problems?" Use their responses to introduce the concepts of inflation and unemployment.

 

B – Building Knowledge (Development)

Teacher’s Explanation (20 minutes)

Definitions:

  • Inflation: A general increase in prices and fall in the purchasing value of money.
  • Unemployment: A situation where people who are willing and able to work are unable to find jobs.

Types of Inflation:

  1. Demand-Pull Inflation: Caused when demand exceeds supply.
  2. Cost-Push Inflation: Caused when the cost of production increases.

Types of Unemployment:

  1. Structural Unemployment: Due to changes in technology or industry.
  2. Cyclical Unemployment: Due to downturns in economic activity.
  3. Frictional Unemployment: Temporary unemployment during job transitions.

Causes:

  • Poor infrastructure
  • Economic downturns
  • Poor government policies
  • Insecurity

 

Class Activity (10 minutes)

Present students with a short news article about rising prices or layoffs in Liberia. Let them identify whether it is inflation or unemployment and which type.

 

C – Consolidation (Wrap-Up and Evaluation)

Teacher Summary (3 minutes) Review the definitions and key types. Emphasize how these two problems affect both individual households and national economic stability.

 

Assessment (7 minutes)

Multiple Choice:

  1. Which of the following best defines inflation? A. Increase in salaries
    Decrease in prices
    C. General increase in prices
    D. Rise in tax
  2. Frictional unemployment occurs: A. When people are permanently jobless
    During transition from one job to another
    C. During war
    D. When factories close permanently

Short Answer: 3. Define unemployment. 4. State one cause of cost-push inflation.

 

Assignment

Interview a working adult in your community about how inflation has affected their spending or how unemployment affected someone they know. Write a brief (5–6 line) summary.

 

Teacher's Reflection (Questions Only)

  1. Did students understand the definitions and differences between inflation and unemployment?
  2. Could learners accurately identify types and causes of both problems?
  3. Was the news article activity engaging and informative?
  4. Did students share relevant real-life examples?
  5. Were learning objectives achieved?