What Is Economics About In High School?

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What Is Economics About In High School
Understanding the discipline –

Why are some countries rich and some countries poor? Why do women earn less than men? How can data help us understand the world? Why do we ignore information that could help us make better decisions? What causes recessions?

Economics can help us answer these questions. Below, we’ve provided links to short articles that illustrate what economics is and how it connects to our everyday lives. Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.

It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years. Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics,

The study of the economy as a whole is called macroeconomics, A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt, What do economists do? Economists have all kinds of jobs, such as professors, government advisors, consultants, and private sector employees.

  1. Using theoretical models or empirical data, they evaluate programs, study human behavior, and explain social phenomena,
  2. And, their contributions inform everything from public policy to household decisions.
  3. Economics intersects many disciplines.
  4. Its applications include health, gender, the environment, education, and immigration,

You can check out the field’s classification system (called JEL codes ) for more topics that economists study. Why should I care about economics? Economics affects everyone’s lives. Learning about economic concepts can help you to understand the news, make financial decisions, shape public policy, and see the world in a new way.

  • If you are a student, you might be wondering about how much economists earn or how to apply to graduate school in economics,
  • We have resources on everything from learning more about economics to preparing for a career in economics,
  • If you are a journalist, you might want research summaries and complimentary access to our journal publications — both reliable sources of current economic information.

If you are an educator, you might be looking for ways to make economics more exciting in the classroom, get complimentary journal access for high school students, or incorporate real-world examples of economics concepts into lesson plans. Or, you might just want to learn more ; our Research Highlight series, the AEA Research Highlights Podcast, and Featured Charts are great places to start.

No matter why you are interested in economics, the American Economic Association is here to help. We are dedicated to helping the public discover the field of economics. Browse our resources pages to learn more, and make sure to follow us on Facebook (AEAjournals) and Twitter (@AEAjournals). Featured videos Economists at the 2020 AEA Annual Meeting said there are a number of misperceptions about what they do, but there’s one false assumption that they tend to hear all the time.

Much more than finance, banking, business and government, a degree in economics is useful to all individuals and can lead to many interesting career choices. These four diverse individuals offer their insights on how a background in economics can be a tool for solving very human problems.
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What do you do in a high school economics class?

What Do You Learn in a High School Economics Course? – Time4Learning’s online economics class for high school begins with an introduction to economics in order to give students a solid foundation from which to begin. Students go on to explore both micro- and macroeconomics, the laws of supply and demand, and important economic policies.
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Is economics a difficult subject?

Survival Strategies for Economics – Even though economics is a social science, it can be as difficult and demanding as any of the more challenging academic subjects, including math, chemistry, etc. To do well in economics requires time, dedication, and good study habits. The following are study strategies, techniques and habits for success in learning economics.

Prepare assignments before attending class. It’s very important to arrive at each class having already completed assignments. Preparing assignments BEFORE class will allow you to ask appropriate questions and understand the lecture. Your professor will most likely not cover all the assigned material presented in your text. He will cover more complex economic theories and applications in class and will expect you to ask for clarification on anything in the text or your assignment that you didn’t understand. Read for understanding. As you read your economics text, read for understanding. Start by spending 10-15 minutes reading any outline or summary provided for the assigned chapter. Try to identify and remember the main points of the chapter. Next, read the introduction. The introduction usually provides a quick summary of the topics being covered and lists chapter objectives. Read each topic one at a time. Make sure you understand the relationship between each topic in the chapter. Most topics will be presented verbally, numerically (tables), and visually (graphs). It’s importance to understand the information presented within each context since all three communication modes are used in economics and are likely to be employed in presenting test questions. After reading each topic, you should be able to (1) remember the topic and important terms, (2) understand the material presented, (3) relate relevant terms to one another, and (4) relate each topic to the other topics covered in the chapter. Attend all lectures and classes. Economics is such a demanding course that you can’t afford to miss class. Much of the information, understanding and help you’ll need to get through your economics course will come directly from your professor through his lectures. Don’t think you can miss class, copy our friends notes, and sail through economics. It won’t happen. Master material as you go. Economics is much like math in that it is a cumulatively acquired subject. Gaining understanding in economics requires cumulative learning. Mastering what you learned in class last week is necessary in order to understand what the professor and text are presenting today. If you fall behind in your studies, it becomes increasingly difficult to understand the new principles and concepts being introduced and covered. You must master each new concept in terms of knowledge, comprehension and application before you can master new material. Consequently, “cramming” simply does not work for studying economics and preparing for exams. Don’t take good notes. take the right type of notes. There simply isn’t enough time to write down everything your professor says during lecture while concentrating on what is being taught. Your time in class should be dedicated to comprehending and applying the economic concepts and principles being presented. The only way to make this happen is to arrive at each lecture (1) having completed all readings and assignments and (2) with a basic understanding of the topics being discussed. The notes you take in class should not include everything your professor says. They should not include definitions and concepts that you already understand or that are covered in detail in your text. Your notes should supplement what you have already learned from your own study and clarify anything you don’t quite understand. Be very selective in what you include in your notes. Employ the “four” classroom behaviors. Using class time to improve your ability to comprehend and apply economic concepts requires the careful combination of four classroom behaviors – (1) listening, (2) asking questions, (3) responding to questions, and (4) taking notes. In order to listen and ask questions, you must come to class prepared. If you arrive a class unprepared, you won’t have the basic knowledge and understanding required to follow along and comprehend. Without some level of comprehension you won’t be able to ask or answer questions that lead to a better comprehension. Finally, take notes that clarify and supplement your knowledge of the concepts being discussed.

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: Study Skills: Learn How To Study Economics
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What is the definition of economics for high school students?

Economics is the study of the economy, or the part of a society that creates wealth. Wealth is not just money. Wealth comes from the production of goods and services, which people buy with money.
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What do students learn in economics?

What skills will I learn as an economics major? In Economics you learn about supply and demand, perfect and imperfect competition, taxation, international trade, price controls, monetary policy, exchange rates, interest rates, unemployment and inflation amongst many other topics to understand individual markets, the aggregate economy and government policies.

This is a valuable knowledge on its own. However, arguably the most important skill developed in an economics major is not necessarily the specifics of the various theoretical models. The most important skill is cultivating a way of thinking that requires a critical eye and a rigorous method of logical reasoning.

Building models and thinking within the constraints of the assumptions of the models makes the Economist think carefully about the necessary conditions for a specific conclusion to be valid. By studying economic models, you are also developing the skill of learning new and complex things even when too abstract (e.g, utility, deadweight loss, economic surplus).

  1. If you can do this through an economics major you can do it regarding new products, fields, business models, strategies, industries and regions; which is a valuable skill for many job positions particularly those related to business.
  2. Economics also looks at many relations between variables: prices and quantities, revenues and elasticity, output and inflation, productivity and aggregate growth, education and salaries, trade and exchange rates, etc.

The relationships between two variables studied in economics in many instances arise out of a chain of relationships of more than two variables and connecting the dots is an important process in understanding economics. In this process, the economics major develops a trained eye to understand complex relationships and find new relationships to explore.
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Is economics a math class?

Recommended Math for the Economics Major – Economics courses frequently use math techniques at a level beyond MATH 1110. Statistics and econometrics classes use material from integral calculus (MATH 1120), and core microeconomics, core macroeconomics, and many advanced electives use material from multivariable calculus (MATH 2130 or MATH 2220).

These math courses are not typically required for economics courses, and, professors often try to teach any additional mathematical techniques that are needed. Therefore, if you do not enjoy taking math courses, you can probably survive the Economics major having only taken MATH 1110. That said, if you are really averse to using math, the Economics major is not a good choice for you.

Even though we do not require it, taking additional math courses beyond MATH 1110 can be very beneficial, both for your economics coursework at Cornell (you will understand the material better) and for your life after Cornell (math is a broadly applicable skill).
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Is economics high level hard?

It’s actually one of the easiest subjects to get a 7. You don’t need to be good at math which most people are afraid of when thinking about economics. If you have any specific questions don’t hesitate to ask.
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Is economics hard if you’re bad at math?

The field of economics is one of the highest-paying bachelor’s degrees, If you’re interested in this career but aren’t good at math, you might be concerned that economics isn’t an option for you. Economists do utilize math in their job, but that isn’t the only skill they use.
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Is economics hard in GCSE?

What Are The Minimum Requirements For Me To Study A-Level Economics? – What Is Economics About In High School So, you may be thinking that A-Level Economics is sounding pretty good, but can you actually take the course? A-Level Economics demands at least a grade C (4) in both GCSE English and GCSE Maths, Without these grades, you’ll find that this A-Level becomes very demanding.

  1. The reason you need these grades is because you need to be able to cope with the amount of work A-Level Economics will ask of you.
  2. There’s much writing involved, and you’ll only be able to keep up if you’re competent in both english and maths.
  3. Too many students have failed A-Level Economics because of their inability to communicate effectively – but more on that later.

You also need certain qualities if you want to excel in A-Level Economics. You need to be able to think logically and critically, and you must have a passion for debating issues with evidence. These qualities will get you far in most any A-Level, but especially in A-Level Economics,
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Is economics easy high school?

Economics is built on applied math. Primarily calculus and statistics. Even though in high school and college introduction courses avoid the use of math if you are not good at either math or logical reasoning economics will be difficult.
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What is economics in Grade 9?

It is the study of how people interact with value. Economics covers the production, distribution, and consumption of goods and services. You need to understand the basics of an economy and its building blocks. It deals with various factors that affect society.
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Why is it important to study economics as a student?

Preparing you for an ever-changing world – The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change.

Economics majors are well-positioned in an ever-changing world because they have problem solving and analytical skills that allow them to succeed in variety of career paths—law, risk management, actuary, finance, foreign affairs, public administration, politics, policy analysis, health administration, entrepreneurship, market analysis, journalism, and unknown careers of the future.

The breadth and flexibility of an economics degree prepares students to adjust to unexpected changes and take advantage of unexpected opportunities. A study by LinkedIn (PDF, 43 KB) found that college graduates change jobs and careers about four times in the first ten years after graduation.
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Who should study economics?

Understanding the Discipline of Economics –

Why are some countries rich and some countries poor? Why do women earn less than men? How can data help us understand the world? Why do we ignore information that could help us make better decisions? What causes recessions?

Economics can help us answer these questions. Explore these short articles which illustrate what economics is and how it connects to our everyday lives. Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.

  • It often involves topics like wealth and finance, but it’s not all about money.
  • Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.
  • Economics ranges from the very small to the very large.
  • The study of individual decisions is called microeconomics,

The study of the economy as a whole is called macroeconomics, A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt, What do economists do? Economists have all kinds of jobs, such as professors, government advisors, consultants, and private sector employees.

  • Using theoretical models or empirical data, they evaluate programs, study human behavior, and explain social phenomena,
  • And, their contributions inform everything from public policy to household decisions.
  • Economics intersects many disciplines.
  • Its applications include health, gender, the environment, education, and immigration,

You can check out the field’s classification system (called JEL codes ) for more topics that economists study. What Is Economics About In High School Why should I care about economics? Economics affects everyone’s lives. Learning about economic concepts can help you to understand the news, make financial decisions, shape public policy, and see the world in a new way. If you are a student, you might be wondering about how much economists earn or how to apply to graduate school in economics,

  • Explore these resources on everything from learning more about economics to preparing for a career in economics,
  • For students interested in economics, explore more about economics at the American Economic Association web page.
  • Browse resources pages to learn more, and follow current economics topics on Facebook (AEAjournals) and Twitter (@AEAjournals).
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Much more than finance, banking, business and government, a degree in economics is useful to all individuals and can lead to many interesting career choices. In the video, below, learn how four diverse individuals offer their insights on how a background in economics can be a tool for solving very human problems.
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Do you need maths to study economics?

I really want to study economics, but maths isn’t my best subject. – Maths is one of the most important subjects for an economics application, but it’s not always a requirement. There are normally only a couple of maths intensive modules, and less so for a BA as opposed to a BSc. Contact your university for more information.
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Is economics very math heavy?

Five Myths About Economics and the Economics Major – Myth 1: Economics is all mathematics and statistics. Some students choose not to major in economics because they think economics is all mathematics and statistics. Math and statistics are used in economics, but at the undergraduate degree level, the math and statistics are certainly not overwhelming.

Economics majors are usually required to take one statistics course and one math course (usually an introductory calculus course). Even students who say, “Math isn’t my subject” are sometimes happy with the amount of math they need in economics. Fact is, at the undergraduate level at many colleges and universities, economics is not a very math-intensive course of study.

There are many diagrams in economics, but there is not a large amount of math. A proviso: The amount of math in the economics curriculum varies across colleges and universities. Some economics departments do not require their students to learn much math or statistics, but others do.

  • Speaking for the majority of departments, we still hold to our original point that there isn’t really that much math or statistics in economics at the undergraduate level.
  • The graduate level is a different story.
  • Myth 2: Economics is only about inflation, interest rates, unemployment and other such things.

If you study economics at college and then go on to become a practicing economist, no doubt people will ask you certain questions when they learn your chosen profession. Here are some of the questions they ask:

  • Do you think the economy is going to pick up?
  • Do you think the economy is going to slow down?
  • What stocks would you recommend?
  • Do you think interest rates are going to fall?
  • Do you think interest rates are going to rise?
  • What do you think about buying bonds right now? Is it a good idea?

People ask these kinds of questions because most people believe that economists only study stocks, bonds, interest rates, inflation, unemployment, and so on. Well, economists do study these things. But these topics are only a tiny part of what economists study.

It is not hard to find many economists today, both inside and outside academia, who spend most of their time studying anything but inflation, unemployment, stocks, bonds, and so on. As we hinted at earlier, much of what economists study may surprise you. There are economists who use their economic tools and methods to study crime, marriage, divorce, sex, obesity, addiction, sports, voting behavior, bureaucracies, presidential elections, and much more.

In short, today’s economics is not your grandfather’s economics. Many more topics are studied today in economics than were studied in your grandfather’s time. Myth 3: People become economists only if they want to “make money.” Awhile back we asked a few well-respected and well-known economists what got them interested in economics.

  • Here is what some of them had to say: Gary Becker, the 1992 winner of the Nobel Prize in Economics, said: “I got interested when I was an undergraduate in college.
  • I came into college with a strong interest in mathematics, and at the same time with a strong commitment to do something to help society.

I learned in the first economics course I took that economics could deal rigorously, a la mathematics, with social problems. That stimulated me because in economics I saw that I could combine both the mathematics and my desire to do something to help society.” Vernon Smith, the 2002 winner of the Nobel Prize in Economics, said: “My father’s influence started me in science and engineering at Cal Tech, but my mother, who was active in socialist politics, probably accounts for the great interest I found in economics when I took my first introductory course.” Alice Rivlin, an economist and former member of the Federal Reserve Board, said: “My interest in economics grew out of concern for improving public policy, both domestic and international.

I was a teenager in the tremendously idealistic period after World War II when it seemed terribly important to get nations working together to solve the world’s problems peacefully.” Allan Meltzer said: “Economics is a social science. At its best it is concerned with ways (1) to improve well being by allowing individuals the freedom to achieve their personal aims or goals and (2) to harmonize their individual interests.

I find working on such issues challenging, and progress is personally rewarding.” Robert Solow, the 1987 winner of the Nobel Prize in Economics, said: “I grew up in the 1930s and it was very hard not to be interested in economics. If you were a high school student in the 1930s, you were conscious of the fact that our economy was in deep trouble and no one knew what to do about it.” Charles Plosser said: “I was an engineer as an undergraduate with little knowledge of economics.

I went to the University of Chicago Graduate School of Business to get an MBA and there became fascinated with economics. I was impressed with the seriousness with which economics was viewed as a way of organizing one’s thoughts about the world to address interesting questions and problems.” Walter Williams said: “I was a major in sociology in 1963 and I concluded that it was not very rigorous.

Over the summer I was reading a book by W.E.B. DuBois, Black Reconstruction, and somewhere in the book it said something along the lines that blacks could not melt into the mainstream of American society until they understood economics, and that was something that got me interested in economics.” Murray Weidenbaum said: “A specific professor got me interested in economics.

  1. He was very prescient: He correctly noted that while lawyers dominated the policy-making process up until then (the 1940s), in the future economics would be an important tool for developing public policy.
  2. And he was right.” Irma Adelman said: “I hesitate to say because it sounds arrogant.
  3. My reason was that I wanted to benefit humanity.

And my perception at the time was that economic problems were the most important problems that humanity has to face. That is what got me into economics and into economic development.” Lester Thurow said: ” the belief, some would see it as naive belief, that economics was a profession where it would be possible to help make the world better.” Myth 4: Economics wasn’t very interesting in high school, so it’s not going to be very interesting in college.

  • A typical high school economics course emphasizes consumer economics and spends much time discussing this topic.
  • Students learn about credit cards, mortgage loans, budgets, buying insurance, renting an apartment, and other such things.
  • These are important topics because not knowing the “ins and outs” of such things can make your life much harder.

Still, many students come away from a high school economics course thinking that economics is always and everywhere about consumer topics. However, a high school economics course and a college economics course are usually as different as day and night.

Simply leaf through any college economics principles book and look at the variety of topics covered compared to the topics you might have covered in your high school economics course. Go on to look at texts used in other economics courses – courses that range from law and economics to history of economic thought to international economics to sports economics – and you will see what we mean.

Myth 5: Economics is a lot like business, but business is more marketable. Although business and economics have some common topics, much that one learns in economics is not taught in business and much that one learns in business is not taught in economics.

  1. A few years ago BusinessWeek magazine asked the chief executive officers (CEOs) of major companies what they thought was the best undergraduate degree. Their first choice was engineering. Their second choice was economics. Economics scored higher than business administration.
  2. The National Association of Colleges and Employers undertook a survey in the summer of 2001 in which they identified the starting salary offers in different disciplines. The starting salary in economics/finance was $40,776. The starting salary in business administration was 7.7 percent lower at $37,844.
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Is economics maths heavy?

Although economics graduate programs have varying admissions requirements, graduate training in economics is highly mathematical. Most economics PhD programs expect applicants to have had advanced calculus, differential equations, linear algebra, and basic probability theory.

Many applicants have completed a course in real analysis. This means that undergraduates thinking about graduate school in economics should take 1-2 mathematics courses each semester. About half of the students entering PhD programs in economics earn a Master’s degree beforehand. Many shore up their math preparation during this period.

Note: Different universities will title and number their math courses differently. This list is meant as a general guideline; students should check the math requirements of Master’s and PhD programs to which they are applying for more specific guidelines.
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Is there too much maths in economics?

Mathematician Michael Edesess has a dose of reality for economists. “Economics pretends to be mathematics, but it is not mathematics,” he says. “There is a major difference. No mathematician uses a term in a formula, or a statement of a theorem, unless that term has first been defined with excruciating precision.” And while economists may think they’ve defined terms like “aggregate demand” or “economic growth,” Edesess suggests they talk to a mathematician.

“Economists may think they’ve defined them, but they should try reading some real mathematics to see what a precise definition truly is,” he says. “The economists, I think, leave the work of definition to be inferred from the way the terms are used in the formulas. This, to me, is weird.” Using a recent blogosphere debate between Steve Keen and Paul Krugman as a jumping off point, Edesess offers a mathematician’s insight into some of the key problems with economic theory and economic debate.

The lack of precise definitions produces some distinct symptoms, as the Krugman-Keen argument shows: “The amazing thing is that, in this debate, one side or the other will present what appears to be a very simple proof that they are right – and yet the other side is not persuaded in the least.” He traces this problem back to what he suggests is the cause: “The source of all the confusion, in my view, is the idea that if you can’t measure something and model it mathematically, it has no meaning.

There is too much mathematics used and expected in economics, and too much of it is of poor quality and distorts the ideas it is meant to undergird.” This mathematical hubris is at the heart of the “the critical state of economic theory has been exacerbated by the financial crisis” – a crisis that was in part created by the overreliance on precise but not accurate mathematical models used as if the real world were made up of mere numbers.

This reliance on mathematics can be traced back to an economics that has falsely aspired to the certainty of a mathematical science like physics (which, in reality, is far less well-defined and precise than economists seem to believe). But, as Edesess also suggests in relation to a part of the Keen-Krugman debate, “causality runs both ways.” The desire of the business community and society for the illusion of certainty has created significant short-term incentives for economists to provide this false reassurance.

  1. But the long-term costs were well demonstrated by the 2008 financial crisis and its aftermath, which we’re still dealing with.
  2. Economists too often ignored the real world – and key issues like inequality, financial instability, and innovation – in favor of precise but not accurate numbers, like, as Edesess notes, aggregate demand or GDP.

If economists want to remain relevant they have to return mathematics and the precision it offers to its proper place in the discipline. Math should be a tool that economists use, not an end goal in and of itself. And economists must focus on addressing humanity and morals and ethical dilemmas, which lie at the heart of it all.
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What is the easiest IB subject?

What Are The Easiest Ib Subjects? – Economics, philosophy, business and management are the easiest IB diploma subjects.
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Which is harder physics or economics?

Both are equally important and take equal time and efforts. Which is harder to get in: math, physics, or economics? Pure math or theoretical physics. These are both ‘genius’ level fields, where normal students tend to struggle.
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Is economics a good class?

Why Is Studying Economics Important? – Students who choose to study economics not only gain the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world.
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Why is it important to teach economics in secondary school?

What students should know about economics and why: 6 Key Ideas* K-12 students should learn economics because they will make important decisions in their roles as workers/entrepreneurs, consumers, borrowers, savers, investors and voters. Their futures and the future of our economy and our democracy depend upon their making informed, reasoned decisions.

Benefit/cost analysis should be an integral part of how one makes a decision. Whether a personal, business, or government decision, benefit/cost analysis will encourage sound, thoughtful decision making. How will an employer use benefit/cost analysis to decide whether to hire me or not? Should I go to college after high school or straight to work? Should I buy a particular car now or save to buy a better car later? Should limited education resources be spent on early childhood or gifted and talented programs? Learn more about benefit/cost analysis Taking advantage of school and education to develop one’s human capital is essential to setting and reaching goals in life. The more students understand and consider the skills, knowledge, experience, and personal characteristics that contribute to success in our dynamic global economy, the greater the likelihood they will appreciate how continual investment in their human capital will help them achieve their goal. Learn more about human capital What determines the prices we pay ? Whether it is the price of a product, what someone will pay for labor, or the cost of credit – understanding the factors that determine price will not only make people better consumers, but will also make them better employees by understanding the market forces that affect the wages employers can pay. Learn more about the prices we pay There is a role for government in a market economy, though not complete agreement on when or in what way government should intervene. In general, government intervention is appropriate whenever the benefits of a government policy or service outweigh the costs. While people will disagree on appropriate government involvement, if any, in particular situations, it is important for all to have a foundational knowledge from which one can intelligently consider the various arguments and draw a reasoned decision. Learn more about the role of government Personal finance includes the study of how people earn, use, and manage money. To be effective, Financial Literacy requires an understanding of certain basic economic principles that form the essential foundation for one’s ability to manage money and prepare for the future. Learn more about financial decision-making We live in a g lobal economy, What does that mean and what are the challenges and opportunities that come with this? Learn more about global economy

*This document was created by an CEE/NAEE Task Force: Jim Charkins (CA), Mary Lynn Reiser (NE), Joanne Dempsey, (IL) and Sarah Finley (VA).
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Is economics is a social science?

Is Economics a Social Science? – Economics is a social science focused on the economy and economic activities. Students majoring in economics study economic systems and how individuals and organizations produce and exchange goods. Economists examine topics like the role of the government in shaping the economy, individual economic behaviors, and the distribution of goods and services.
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