International Trade through collaborative learning

In Money, Banking and Finance, students are learned about International Trade.  This is always a difficult concept for students because it involves reading comprehension, theoretical understanding, and mathematical application.  Students the past two weeks were asked to do the following: 

1) Develop an understanding of international trade in the context of the modern world.

2) Apply understanding of how opportunity costs impact decisions to trade.

3) Engage in a simulation (Settlers of Catan) and apply their understanding of trade principles to the sim.

For objective one, students worked mostly independently in the learning commons.  We followed up their independent work with socratic discussion in class.  This achieved the learning goal.  Students were able to discuss international trade in the context of the modern world.

Objective two required in-class practice working with the Production Possibilities Curve and the International Trade matrix.  With direct instruction and practice, students were able to master most of the trade matrix.  This concept required students to calculate opportunity costs and compare them across countries to determine trade patterns.  

Finally, students ran through  a few games of Settlers of Catan, a designer board game based on trade and civilization building.  Students must build settlements and cities which produce resources.  Resources are used to develop one's civilization further.  In the process, students may trade resources to meet their building goals, as different developments have different resource costs.  

Overall this process is working well and we're achieving learning goals.  One thing on which I need to improve is providing more time in class to review assessments.