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The Council for Economic Education Releases New Standards for Teaching K-12 Economics

By: via Business Wire

Economics is everywhere these days -- and our policies and understanding around them are evolving. What students learn about economics is critical to their future success and our nation’s prosperity.

Today, the Council for Economic Education is releasing the new third edition of National Content Standards in K-12 Economics. These new standards will guide the teaching of essential economic principles for years to come, influencing state departments of education, school boards, teachers and curriculum publishers.

"Economic literacy is an indispensable skill for navigating a complex world,” said Steve Bumbaugh, CEE’s chief executive officer. “Students who study economics can convert complex concepts into practical, real-world solutions. Our new standards will help America’s young people better understand business principles and government policies, positioning them to be informed, prosperous citizens.”

The updated standards include 260 benchmarks grouped into 18 economic pillars including business and market structure, roles of government, labor and income, international trade, inflation and – new in this edition - technology. These standards are designed to be relevant for different grade levels.

Through the application of these standards, elementary school students will grasp the concept of scarcity with relatable examples, like everyone wanting to use a new swing set at the same time. Middle schoolers will delve into market economy principles, such as why ride-share apps can hike prices during peak hours. High school students will unravel complex economic terms and ideas, such as how a minimum wage increase might affect their interest in after-school jobs but also employers' hiring decisions.

“Economics helps students develop critical thinking and analytical skills, which are essential for making informed decisions in personal and professional lives,” said Raphael W. Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta and a member of CEE’s board of directors. “We’re not trying to make everyone into an economist; our goal is to help students grow and thrive in whatever they choose to pursue.”

While every state has its own economic education standards, they often derive from CEE’s national set. Yet, according to CEE’s most recent biennial Survey of the States, only 28 states require high school students to take a course in economics to graduate.

To update the 2010 standards, CEE surveyed experts from across the country. Teachers, economic educators and curriculum coordinators in multiple states reviewed drafts, along with an expert in culturally responsive pedagogy.

The National Content Standards in K-12 Economics is available for free download here.

CEE gratefully acknowledges funding for the new standards by the Calvin K. Kazanjian Economics Foundation.

About the Council for Economic Education

The Council for Economic Education's (CEE's) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families and their communities. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources — online and live through over 180 affiliates nationwide — to more than 40,000 teachers annually, who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program. Learn more at CouncilForEconEd.org and on LinkedIn and on Facebook.

Economic literacy is indispensable for navigating a complex world. CEE's new K-12 economics education standards will help young people better understand business principles and government policies, positioning them to be informed, prosperous citizens.

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