October is National Economic Education Month. Let’s talk about why that’s important!
What is economics? Merriam-Webster’s Dictionary defines economics as “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” So essentially, economics is studying the flow of products and money in a specific country or the world as a whole.
Why teach economics?
Economic policy is something that affects our lives every day since we all have limited resources. If your student will be paying for necessities, saving for the future, starting a business, or budgeting, among other things, the economy will play a big role. So you can help prepare your students for success before they are on their own with at least a basic understanding of economics.
How to teach economics?
A good place to start would be with main theories of economics, including Classical Theory (popularized in the 1700s), Keynesian Theory (developed in the 1930s), and Monetarist Theory (starting in the 1970s). You can also discuss different models related to economics, like Marxism and Supply and Demand. You can even combine personal finance and budgeting along with your economics work. This can really show how interconnected these topics are and how they affect daily life.
And remember, it can be very helpful for your student to learn about multiple ideas to really know why they believe a certain way.
When to teach economics?
You can start basic discussions about economics all throughout your kid’s education. As a matter of fact, you have likely already had some conversations about economics just in your day-to-day activities. More in-depth discussions of economic theory are probably best in high school. As your student’s brain develops to better understand theoretical discussions, they will be more prepared for the concepts involved in economic study.
Interested in learning more about economics or Economic Education Month?
I found several helpful resources at https://www.econedmonth.org/. Though I haven’t read these exact books, the “Idiot’s Guide” series and “For Dummies” series have been great resources for me on other topics.
If you are looking for high school economics curriculum, you can visit HomeLife Learning’s website to review their offerings or chat with a staff member. You can also purchase the Foundations in Economics course on Dave Ramsey’s website.
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