Economics for Everyone?

It is not easy being an Economic Educator

What answers are there in an internet search for why to study Economics?

Expected

To gain a better understanding of how markets operate. Knowledge is power when it comes to understanding a market and your place in it. Supply and demand is a basic concept that operates daily in our country, understanding it will put you ahead of the curve.

What answers are there in an internet search?

Not Expected but probably true So that you can recognize when politicians are

lying to you and pursuing stupid policies.

Can Economics and Personal Finance help us better prepare our students for the future?

The President thinks so! Americans' ability to build a secure future for themselves

and their families requires the navigation of an increasingly complex financial system. As we recover from the worst economic crisis in generations, it is more important than ever to be knowledgeable about the consequences of our financial decisions. … We recommit to improving financial literacy and ensuring all Americans have access to trustworthy financial services and products.

President Barack Obama

Presidential Proclamation

National Financial Literacy Month March 31, 2011

Why does it matter for our students?

Recent data from the U.S. Department of Labor suggests that our students will change careers 6 times in their lifetime. Not change jobs, CHANGE CAREERS.

We have to prepare them for a very different world of employment.

The world they will enter will require that they be constantly learning, constantly evolving, and better decision makers.

What Skills are Employers Seeking?

A recent survey of hiring managers found more than 90 percent listed

problem solvingthe ability to work with others of diverse backgrounds

critical thinking teamwork or collaboration As the most important competencies that led to being hired at their

organizations.

What Skills are the Hardest to Find?

The survey also revealed that

critical thinking problem solving Are the essential skills considered hardest to find

among applicants.

Why Economics?

Economics remains an Intellectual Discipline that Develops a Valuable Set of Skills

Economics is a discipline that is embedded in critical, analytical and insightful thinking. Therefore, a student who studies economics in the 21st century becomes well prepared and molded in terms of his/her way of thinking. It makes one broadly aware of how the world works.

This implies that studying economics equips a graduate with general literacy, communication and numeracy skills, logical and rational deductive, and critical thinking skills that are

transferrable in any development and corporate sector in the 21st century.

Studying Economics is a Good Basis for getting a Job

There are so many career opportunities in the 21st century that opens up for an individual with a good training in economics. This is because of the diverse skills that one acquires through training in this discipline. This is particularly because employers in the 21st century are very keen on hiring graduates with strong analytical and problem solving skills. These are the prime focus and emphasis in the training of an economist.

Economics Impacts Everyone’s Life A student has to, for example, decide what food she/he can

afford with little money remaining, so that the limited amount of money can take him or her throughout the academic calendar. All these decisions are informed by the understanding of the principles of economics.

Individuals, governments, businesses, households are all affected by the decisions that are made regarding allocation of resources. A person who studies economics will be able to understand why the decisions that directly affect their consumption patterns and access to resources were made the way they were made.

Economics is Simply Interesting A keen look at every newspaper will show just how

economics is closely linked to the events in the real world surrounding humanity. Therefore, in order to fully understand our environment and the forces controlling human life, studying economics is an important undertaking.

Studying Economics makes one Understand Unintended Consequences

Strong background training in the field of economics enables an individual to understand the impending consequences of some government policy formulations and implementations. For example, when the government, through the ministry of finance, increases taxation on tobacco and related products, such decision trickles down to increased consumer prices. The same applies to a waiver in taxation on consumer products like sugar, which leads to reduced consumer prices. What appear to be decisions about taxes and revenue end up having a major impact on health.

Why Personal Finance?

We will have to overcome what our students are being taught at home.

What are our students learning about personal finance at home

1. You operate without a budget2. Debt is your friend (as long as you

can make the minimum payments, you can afford it)

3. If our friends have it, we need it.4. Credit cards are a way of life.5. You deserve the best things in life.

What are our students learning about personal finance at home (continued)

6. Never talk about money. 7. 'Eat, drink and be merry, for tomorrow we die!' 8. Don’t bother setting savings or investing goals 9. Always take advantage of a sale. 10. Keep financial secrets 11. Pretend that financial habits don’t affect

health.

What if we don’t get them ready for this new world of employment?Here are the 5 fastest growing

jobs for educated workers and also for those without any education beyond high school

Computer Systems or Network AnalystJob Growth:

53.4%Required Training:

Bachelors DegreeAverage Starting

Salary: $66,460

Hazardous Materials removal workersJob Growth: 31.2%

Required Training: Moderate On The Job Training

Average Starting Salary: $20,122

Computer ( software) Engineers

Job Growth: 44.6%Required Training: Bachelor’s

DegreeAverage Starting Salary: $50,270

Highway Maintenance Workers Job Growth: 23.3

Required Training: Moderate On the Job Training

Average Starting Salary: $14,803

Dental Hygienists

Job Growth: 43.3%Required Training: Associates

DegreeAverage Starting Salary: $56,400

Food Service Preparation Job Growth: 18.1% Required Training: Work Experience in

Related Occupation Average Starting Salary: $17,950

Forensic Science Technicians

Job Growth: 36.4%Required Training: Associates

Degree (2yrs)Average Starting Salary: $40,700

Septic Tank and Sewage Cleaners Job Growth: 21.8% Required Training: Moderate on-the-job

training Average Starting Salary: $28,870

Diagnostic Medical Sonographers

Job Growth: 34.8%Required Training: Associates DegreeAverage Starting Salary: $37,800

Bus Drivers and Transit workersJob Growth: 21.7%

Required Training: Moderate-term on-the-job training

Average Starting Salary: $16,627

What is the Answer?

While many parts of the U.S. are dealing with an aging population, Texas has the workforce of the future (at least in terms of numbers)

The key to Texas becoming the destination for start-up businesses and business relocations is EDUCATION.

If we prepare our students to not only graduate but to pursue some form of Higher Education, then Texas will be the “Place to Be” for employers for the rest of this century.

What is the Answer?

Beyond the basics, we need students that have problem solving skills, the ability to work with others of diverse backgrounds, critical thinking skills, and the ability to collaborate.

ECONOMICS, particularly if it is taught in an active way, is an important component in the preparation of our students to meet these challenges.

Upcoming opportunities

Right after this, Laura Ewing from TCEE will have a session where you can get a copy of the new Virtual Economics version 4.5

In January, TCEE will host a Personal Finance Literacy workshop in here in the DFW metroplex on January 28, 2016 with the support of Fidelity Investments

On October 1, 2016, the UNT History Department will host the Annual TCON workshop. This year will focus on Reconstructions and Restorations and will feature H.W. Brands speaking in Ulysses Grant and Ronald Reagan.

Please mark your calendars.