Teaching economics can help develop a high school senior’s economic literacy: the ability to understand the economic issues occurring on the world stage and how the lives of every citizen are affected. Students also learn how to utilize the current economic situation to our advantage. However, students without some degree of economic knowledge will not recognize how various events may affect the state of the economy or their own financial livelihood.
Economics is a force that impacts every area of society. Politics, law, sociology, environmental issues, and philosophy all have an interconnection with economics. The stock market may rise and fall depending on the changes that are happening on the world stage. For example, the passing of legislative policies such as the Health Care Bill, the impact of the automobile crisis, the state of unemployment, the challenges of the environment and the Iraq war, all had an influence upon the state of the economy. Such challenges as these cannot exist without affecting the economy.
Teaching economics can give high school students a better understanding of history. Many historical events have causes that are rooted in economics. For example, many nations have gone to war due to the state of their economy. Consider World War Two. The German nation was suffering from an economic disaster before waging war on all of Europe.
High school students who are taught economics will be prepared to understand work in a variety of fields. Social science, political science, history, geography and sociology can be understood much better. Eco deal with such subjects as poverty, finances, populations and survival. Therefore, students who are majoring in any of the above fields will benefit from studying economics.
Through the study of economics, including supply & demand, business cycles and macro theories, a student can enhance his or her intellectual skills. For example, through the principles of economic analysis, students learn how to think critically about today’s events dealing with public policies, diplomacy, education, war, unemployment, Medicare and social security. This ability to analyze is crucial in discovering solutions for various problems. Individuals with problem-solving abilities are always welcomed in the workplace.
Understanding economics will also assist students in money management. Teaching Eco helps high school seniors understand the function of money, inflation, investments, and budget deficits. A knowledge of these basic concepts can help you determine when to spend, save or invest in stocks.