What Is Economic Literacy?
Economic literacy is crucial for people to understand the forces that significantly affect the quality of their lives. Find out how learning about job security and per capita income is important to economic literacy with information from a tutor in this free video on economics.
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Hi, my name is Samir Malik, and I'm a private tutor for middle school and high school students in the Austin area. Today, we're going to be discussing economic literacy and what it is. Now, economic literacy is crucial because it is the measure of whether people understand the forces that significantly affect the quality of their lives. Now, there's several factors which can affect the quality of people's lives. What is education, you know, and how well educated a community is. The higher the level of education in a community, the greater quality of life that community's going to have. Jobs -- jobs in an area. The more jobs there are or job security there is in a community, the better the quality of people's lives will be within that community. Per capita income is another factor which can significantly affect the quality of people's lives. The greater the per capita income is in a community, the higher the quality of their lives will be. And by per capita income, I would mean the average income of an individual or an house...or a household in a community, and that would definitely affect the quality of people's lives based on their per capita income. So this is the definition of economic literacy, and of course, some examples of economic literacy.