Essay Teaching Economics At The Elementary Level
Economics affects each and every individual all over the world. People need economic knowledge in order to understand money, taxes, goods and services, scarcity, and other aspects involving economics. This can be achieved by introducing economics at the elementary level. Children at a young age are capable of understanding the value of money and the basic economic principles within our economy. According to Brock (1992), he discusses the importance of incorporating the use of practical sessions in the teaching of economics. He goes ahead to introduce a game for elementary level students called the “coke game” which is affordable and effective in the cause for instilling the students with lasting knowledge on economics like the law of demand, competitive equilibrium, consumer surplus and monopoly power among others (Brock, 1992). This research compiles the importance of teaching economics in elementary school.
Economics involves making decisions on the resources surrounding us and making decisions on how best to utilize them. Children live in an economic world like anyone else. They are involved in minor decision making daily, such as deciding what to eat for lunch or what game they want to play with their friends. Therefore, children need to be equipped with the foundation to make other important decisions, such as how to spend their money and time (Schug, 2011). Incorporating economics in elementary school helps enhance children’s growing…