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Teaching economics

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Teaching Economics

Economic Literate Students

Knowledge and Skills

Activity for Different Grade Levels

Knowledge

Skills

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The importance of teaching economics to students in elementary school is to create an economic literate future. Students who are economic literate have a better understanding of the world around them and how it works. Students are better prepared for life outside of their educational careers.

The 6 core economics principles that are taught in an elementary school classroom include people choose, all choices involve cost, people respond to incentives, economic systems influence individual choices, voluntary trade creates wealth, and consequences of choices lie in the future. These principles are used to help elementary students build a foundation of econmoics throughout their educational careers.

Students in elementary school are taught needs vs wants, goods and services, money and currency, supply and demand, saving and budgeting, entrepreneurship, trade and exchange, and economic decision making. Students are taught how all of these topics are related and how they are used in real life.

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