The Relevance of Economics in Education in Society
Educators, administrators, parents and politicians cannot agree on what K-12 education in America should comprise. The study of economics is a discipline often overlooked or excluded, and yet one that would benefit both the individual student and society.
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Types of Economics Study
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The two main branches of economic study are microeconomics and macroeconomics. Microeconomics deals primarily with consumers or individual firms and the impact of supply and demand on goods and services. Macroeconomics concerns itself with the overall economic results from the combined supply and demand relationship for an entire region, nation or state.
Elementary School Economics
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Exercises in which students earn and spend money--and learn to differentiate between wants and needs--instill in them a rudimentary understanding of supply and demand. These lessons also teach young students to distinguish producers from consumers.
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Middle and High School Economics
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The government has certain responsibilities in regard to the economy. Older students undertake more complicated aspects of economics. These include the study of the function of government in the free market, opportunity costs, trade between nations and the effect of tariffs and quotas on commerce.
Benefits of Economics Study
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Financially savvy and responsible students become adults who are more likely to make sound money decisions. Much of the current financial morass can be attributed to the financial illiteracy rampant in the current generation. With trillions of dollars in national debt and an ever-broadening trade horizon, the teaching of basic economics becomes increasingly vital to society's survival.
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References
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