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Economic literacy is the ability to understand choices and make decisions regarding limited resources. Those decisions affect what an individual produces or consumes, saves or invests. In a broader sense, the economic literacy of a nation's citizenry affects its productive capacity and standard of living. Personal finances, national policies, and issues of globalization are all subject to the same economic principles. The knowledge and application of those principles foster more efficient use of personal, national, and global resources.

Economically literate individuals understand that they cannot have everything they want and that they have to make choices because resources are scarce. These decisions require an analysis and comparison of the costs and benefits of various alternatives. Each decision will incur an opportunity cost; that is, something of value will be given up. Not all decisions are between two different items; some decisions are intertemporal or between two different time periods as when money is placed in a bank account or used to purchase a bond.

Although few people choose to become economists, most people have to make economic decisions every day. Rapid technological and communications advances have provided ordinary people with more information with which to make decisions and more varied goods and services about which to make them. At the same time, globalization has made sound economic decision making crucial if we are to compete effectively in the marketplace. Furthermore, articulate, well-informed citizens are critical to the functioning of a democratic market economy. In terms of social policy, economics can help assess the costs of problems such as crime, teen pregnancy, pollution, and terrorism as well as assess the costs and benefits of policies designed to deal with them.

Bibliography:

1) National Council on Economic Education. 1997. Voluntary National Content Standards in Economics. New York: National Council on Economic Education.

2) National Council on Economic Education. 2006. What Economics Is About: Understanding the Basics of Our Economic System. New York: National Council on Economic Education.

3) Saunders, Phillip and June Gilliard, eds. 1995. A Framework for Teaching Basic Economic Concepts: With Scope and Sequence Guidelines, K-12. New York: National Council on Economic Education.

4) Watts, Michael. 2006. What Works: A Review of Research on Outcomes and Effective Program Delivery in Precollege Economic Education. New York: National Council on Economic Education.

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