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Try finding a middle school student who hasn't participated in at least one team or individual sport since preschool. Thanks to the President's Council on Physical Fitness and Sports, sponsor of the President's Challenge, most students understand the benefits of physical fitness in their lives. But when it comes to "financial fitness," today's students (not to mention their parents) are woefully out of shape.
The current economic recession amplifies the need for sound economic and financial literacy for people of all ages. More than ever, it is imperative that students learn the basic concepts of economics. Armed with knowledge and an economy-focused way of thinking, middle grades students can embrace a financial fitness mindset that will serve them for years to come.
The Council for Economic Education (CEE) is our nation's authority on economic education. Their Voluntary National Content Standards, (www.councilforeconed.org/ea/program.php?pid=19) summarize the 20 most important and enduring ideas, concepts, and issues of economics. Many state councils and university centers have connected the dots between national standards and individual state standards of learning. For information on the CEE-affiliated network of state councils and the university center nearest you, go to http://www.councilforeconed.org/network/directory.php.
What surprises many teachers is that economic and financial literacy need not be confined to a social studies, history, or math class. The specifics of financial literacy can be taught and reinforced in a math class; principles such as budgeting, saving, spending, and philanthropy can be reinforced through literature, science, or community service classes.
Stretching Those Muscles
Understanding the basics of economics and the precepts of financial literacy enables students to enhance their financial fitness.
The Powell Center for Economic Literacy (http://www.powellcenter.org/) publishes Keystone Economic Principles,(TM) designed for teachers who are new to economics. This booklet summarizes the nine most important economic concepts and how they apply to economic decision making.
The first three Keystone Economic Principles(TM) focus on choice.
* We all make choices.
* There Ain't No Such Thing as a Free Lunch (TANSTAAFL(TM)).
* All choices have consequences.
Most students know that they cannot get everything they want; they understand that their choices...