Meaning, Types, Sources and Uses of Money and Origin of Money, including Origin of Money for JSS 1

Class: JSS 1
Term: First Term
Week: 4
Age: 12 years
Duration: 45 minutes
Subject: Business Studies
Theme: Fundamental business concepts, principles and practices
Curriculum Theme: Fundamental business concepts, principles and practices
Focal competence: Using money in everyday transaction
Key competencies/values: Collaboration; Creativity and innovation
Skills:

• Trace the origin of money

Previous Lesson: Meaning of digital currency and Types of digital currency
Topic: Concept Of Money
Subject Matter: Meaning of money, Origin of money, Types of money, Sources of money, Uses of money

Specific Objectives

By the end of the lesson, pupils/students should be able to:

Cognitive Domain

• Define money.
• Identify different types of money.
• State various sources of money.
• State common uses of money, such as buying goods.

Affective Domain

• Appreciate the importance of money in everyday transactions.
• Participate actively in group discussions about money.

Psychomotor Domain

• Handle and differentiate between various types of money.
• Illustrate examples of money through drawings or descriptions.

Social Domain

• Collaborate effectively with peers in group activities.
• Share ideas and insights on the concept of money.

Reference Materials

The following resources were used in planning this lesson:

• 2025 Revised 9 Years Basic Education Curriculum
• Relevant State Unified Scheme of Work
• Business Studies for Junior Secondary Schools, Book 1
• The HeadTeacher Scheme of work

Instructional Materials

The teacher will teach this lesson with the aid of:

• Different types of money, e.g., cowries, coins, and notes.
• Charts or pictures showing different types of money.
• Whiteboard and markers.
• Textbooks.

Rationale for the Lesson

This lesson is important as it introduces students to the fundamental concept of money, which is central to all economic activities. Understanding money’s meaning, origin, types, sources, and uses provides a foundation for comprehending personal finance and broader business studies. It equips students with practical knowledge applicable to their daily lives.

Prerequisite/Previous Knowledge

Students should have a basic understanding of trade and exchange of goods and services in their daily lives.

Lesson Content/Board Summary

Concept Of Money

Meaning of Money

Money is anything that is generally accepted as a medium of exchange for goods and services, as well as for the settlement of debts. It is a tool that makes buying and selling easier.

Origin of Money (Barter System)

Before money was invented, people used a system called the barter system. The barter system involved directly exchanging goods and services for other goods and services without the use of money. For example, a farmer might exchange yams for a tailor’s clothes.

Problems with the barter system:

1. It was difficult to find someone who wanted exactly what you had and had exactly what you wanted (double coincidence of wants).
2. It was hard to determine the value of different goods.
3. Some goods were not divisible (e.g., half a cow).
4. It was difficult to store wealth.

These problems led to the invention of money.

Types of Money

Over time, different things have been used as money. The main types of money include:

1. Commodity Money: These are goods that have intrinsic value and are used as money. Examples include cowries, salt, livestock (cattle), beads, and precious metals like gold and silver.
2. Metallic Money: This refers to money made from metals, usually in the form of coins. Examples include coins made of bronze, copper, silver, and gold.
3. Paper Money (Banknotes): These are currency notes issued by the central bank of a country. They are widely used today. Examples include the Nigerian Naira notes.
4. Bank Deposits (Cheque/Electronic Money): This refers to money held in bank accounts that can be transferred using cheques, debit cards, credit cards, or electronic transfers.

Sources of Money

Money can be obtained from various sources. These include:

1. Salaries and Wages: Money earned by working for an employer.
2. Business Profits: Money earned from running a business.
3. Investments: Money earned from putting capital into ventures like stocks, bonds, or real estate.
4. Loans: Money borrowed from banks, individuals, or other financial institutions.
5. Gifts and Inheritance: Money received from others without an expectation of repayment.
6. Sales of Assets: Money obtained from selling personal property or investments.
7. Government Benefits: Money received from government programs (e.g., pensions, grants).

Uses of Money

Money serves several important functions in an economy:

1. Medium of Exchange: Money makes it easier to buy and sell goods and services without needing to barter. For example, using Naira to buy sandals, pencils, or sweets.
2. Store of Value: Money can be saved and used later to buy goods and services.
3. Measure of Value (Unit of Account): Money helps to express the value of different goods and services in a common unit (e.g., a book costs N500, a pen costs N100).
4. Standard of Deferred Payment: Money allows for payments to be made in the future, such as repaying loans or paying for services rendered on credit.

Teaching Methods/Instructional Techniques

Discussion, Explanation, Question and Answer, Group Work, Demonstration, Brainstorming.

Instructional Procedures

Step 1: Introduction

Time: 5 minutes

Teaching Skill: Activating prior knowledge

Teacher’s Activity: The teacher greets the students and asks them what they use to buy things in the market. The teacher then collects some of their responses and introduces the topic, “Concept of Money”.

Pupils’ Activity: Students respond by mentioning Naira notes and coins. They listen attentively to the introduction.

Learning Point: Introduction to money

Step 2: Meaning of Money

Time: 8 minutes

Teaching Skill: Explanation/Definition

Teacher’s Activity: The teacher explains the meaning of money as anything generally accepted as a medium of exchange. The teacher gives examples and asks students to define money in their own words.

Pupils’ Activity: Students listen, ask questions, and attempt to define money.

Learning Point: Definition of money

Step 3: Origin of Money (Barter System)

Time: 7 minutes

Teaching Skill: Historical context/Explanation

Teacher’s Activity: The teacher explains the barter system as the method of exchange before money and discusses its problems. The teacher then explains how these problems led to the need for money.

Pupils’ Activity: Students listen and discuss the difficulties of the barter system.

Learning Point: Barter system challenges

Step 4: Types of Money

Time: 8 minutes

Teaching Skill: Identification/Demonstration

Teacher’s Activity: The teacher displays different types of money (cowries, coins, notes) and explains each type: commodity, metallic, paper, and bank deposits. The teacher uses charts or pictures for illustration.

Pupils’ Activity: Students observe the displayed items, identify the types, and discuss them in small groups.

Learning Point: Various money types

Step 5: Sources of Money

Time: 7 minutes

Teaching Skill: Brainstorming/Listing

Teacher’s Activity: The teacher asks students to brainstorm different ways people get money. The teacher lists and explains common sources like salaries, business profits, loans, and gifts.

Pupils’ Activity: Students actively participate in brainstorming and contribute ideas on how people earn money.

Learning Point: How money is obtained

Step 6: Uses of Money

Time: 6 minutes

Teaching Skill: Application/Explanation

Teacher’s Activity: The teacher explains the uses of money as a medium of exchange, store of value, measure of value, and standard of deferred payment, providing practical examples for each.

Pupils’ Activity: Students listen, ask questions, and give examples of how they use money.

Learning Point: Functions of money

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

1. What is money?
2. Mention two types of money.
3. State two sources of money.
4. List two uses of money.

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Understanding money concepts

Step 8: Note-Taking

Time: 4 minutes

Teaching Skill: Guided Writing

Teacher’s Activity: The teacher guides pupils/students to copy the essential Board Summary notes on the meaning, origin, types, sources, and uses of money into their notebooks.

Pupils’ Activity: Pupils/students copy the notes carefully into their notebooks.

Learning Point: Recording lesson notes

Step 9: Conclusion

Time: 2 minutes

Teaching Skill: Reinforcement

Teacher’s Activity: The teacher briefly summarizes the key points about money, emphasizing its importance in daily life and business, and thanks the students for their participation.

Pupils’ Activity: Students listen and prepare for the next lesson.

Learning Point: Lesson summary

Continuous Assessment/Further Study

Type: Homework

Instruction: Answer the following questions in your notebook:

1. Explain the barter system and state two problems associated with it.
2. Differentiate between commodity money and metallic money, giving two examples for each.
3. Imagine you want to buy a new school bag. Describe how money makes this transaction easier compared to the barter system.
4. List three ways your parents or guardians get money.

Lesson Keywords

• Money – Anything generally accepted as a medium of exchange.
• Barter System – Direct exchange of goods and services without money.
• Commodity Money – Goods with intrinsic value used as money (e.g., cowries).
• Metallic Money – Money made from metals, typically coins.
• Paper Money – Currency notes issued by the central bank.
• Bank Deposits – Money held in bank accounts, transferable electronically.
• Medium of Exchange – Function of money that facilitates trade.
• Store of Value – Function of money allowing wealth to be saved.
• Measure of Value – Function of money that assigns a common value to goods.

Differentiation

Support for weaker learners: Provide simplified definitions and more concrete examples. Pair them with stronger students during group activities. Use visual aids extensively.

Extension for faster learners: Challenge them to research other historical forms of money or discuss the concept of digital currencies (cryptocurrency) and their potential impact.

Suggested Lesson Videos

Search on YouTube for: “Meaning and types of money for JSS 1 Business Studies” or “Origin of money for junior secondary school”.

Teacher Guide for Using This Lesson Plan

Before the lesson, gather various examples of money, including historical forms like cowries if possible, alongside modern coins and notes. Begin by engaging students with questions about their daily experiences with money to activate prior knowledge. Guide the group discussions on the meaning and types of money, ensuring all students contribute. When explaining the origin of money, clearly illustrate the challenges of the barter system to highlight why money became necessary. For sources and uses of money, encourage brainstorming and real-life examples from the students. Ensure students copy the Board Summary notes accurately after the main teaching points have been covered and evaluated. Provide individual support during note-taking and check for understanding throughout the lesson.