The “economic literacy” approach to teaching principles argues it is far more valuable for students to learn and be able to apply core economic concepts well, than to be exposed to a wide range of concepts they will not master and will soon forget. This approach, underlying Economics for Life, equips students with the content and skills they need to make sense of, and succeed in, their world.
An economic literacy focus on core concepts supports economics majors. A recent AER study compares the performance in intermediate micro/macro theory courses of students in traditional principles courses with students in economic literacy courses using Economics for Life. The results? An 11-year dataset with over 13,000 University of Toronto students shows no significant differences in grades in intermediate theory!
Over 80% of principles students never take another economics course. An economic literacy approach focuses on improved, lasting outcomes for the “one and done” market. Economics for Life reframes principles of economics as a guide to smart choices, equipping students with a mental framework to make smart choices as consumers, business people, investors and engaged citizens.
You can customize Economics for Life resources to match your teaching preferences. There are options for 2-semester micro/macro sequences or 1-semester survey courses; for print, eText, or inexpensive FlexTexts; for in-person, online or blended delivery; for integrating digital resources like MyLab Economics, Narrated Dynamic Graphs, Dynamic Study Modules, Economic Experiments, and Learning Catalytics for clicker-style engagement and peer-to-peer interaction.