National Economics Challenge
Students don’t understand economic reasoning and they don’t know how the U.S. economy works in a world of global competition. In a national test of economic literacy, 54% or our high school students failed and the mean score was 46%. The implications of this situation are serious for our students and for our economy. Students who don’t understand the role of profit and competition tend to picture themselves as victims of all-powerful corporate conglomerates. Victims lose a sense of responsibility for their own achievements. Without an understanding of the connection between skills and high-paying jobs, students fail to develop the necessary marketable skills to survive and prosper. “It is difficult to play the game, and impossible to win if you don’t know the rules.” Our students don’t know the rules.
The Good News
But some teachers and students do get it. Let’s applaud these teachers and students. The California Council on Economic Education will conduct the third annual Economics Challenge sponsored by the National Council on Economic Education (NCEE) and the Goldman Sachs Foundation. This year’s California local contests will be held in 2 locations, Los Angeles and Sacramento. Winning local teams must take first place in four tests of their economics knowledge to advance to the State Championship. The purpose of the California Economics Challenge is to promote interest in economic education, honor high achieving students and showcase outstanding high school economics programs.
The Economics Challenge combines the excitement of an athletic competition and the pride of academic competition. In each contest, teams of students vie to be the first to answer rigorous questions on microeconomics, macroeconomics, and international economics. Excitement mounts further during the final round, conducted in an oral quiz-bowl format. Only the top two teams from the first three rounds advance to the final round.
Two Divisions
The contest includes a two division format. The Adam Smith Division is for students enrolled in Advanced Placement (AP) and International Baccalaureate (IB) economics classes. The David Ricardo Division is designed for students enrolled in one-semester high school economics courses or less.
State and Regional Competitions
Online California competitions will be held throughout the State during the month of March. The top four teams from each division will advance to the State Championship at California State University, San Bernardino. One winning team from each division in the California Challenge will advance to the Western Regional Championship. There, California students will be competing against state winners from Arizona, Colorado, Hawaii, Idaho, Oregon, and Texas.
National Finals
The first-place teams from the Adam Smith and David Ricardo divisions will advance to a nationwide challenge in New York City, where the best of the best will wear the national crowns and serve as models to promote economics and help raise the bar for excellence in economic education.
