Homeschool Economics? Here’s the Why and the How!
Should I add economics to my homeschool curriculum? How do I teach it?
When I was in high school in Michigan, everyone was required to take a semester of economics in 11th grade. We really didn’t understand why. It was simply one of those requirements mandated by the state and shoehorned in the year before graduation. The school had the computer teacher running the class, and he didn’t seem very enthused about it. He spent most of the semester reading the newspaper behind his desk while we did handouts for busy work—or just killed time goofing off until the bell.
Needless to say I didn’t pick up much about economics that semester. The transition into adulthood, however, really opened my eyes to the value of an economics education as I asked myself why things were the way they were. What determined how much taxes came out of my paycheck? How is a tax refund calculated? Why are housing prices so inflated? Why does the price of gasoline fluctuate? These weren’t hypothetical abstractions. They were issues that affected my wallet directly.
I went on to study economics in college and became an avid consumer of economic literature, remedying my earlier confusion about the science of mammon. But why should you do the same? Why should you incorporate an economics course into your high school student’s curriculum?
1. State Requirements
Let’s get this out of the way first. In most states, at least one semester of economics is required as a condition for graduation. Even if your state does not have specific requirements for homeschooling graduates, most colleges want to see a semester of economics during high school. It is considered part of a standard social studies curriculum. It should be added for this reason alone if nothing else.
2. Financial Education
But much more important is financial education. This means, simply, being educated about things pertaining to our financial lives, whether considered from the perspective of individuals and businesses (microeconomics) or of nations (macroeconomics). When we don’t understand money, we feel vulnerable—when we don’t understand why our paychecks are what they are, don’t understand how much taxes we are liable for, or how much of a home we can afford. We certainly feel vulnerable if we don’t understand where our money is going every month. These sorts of vulnerabilities can lead us to make poor financial decisions. A person who doesn’t understand how money works is less likely to use it wisely. Economic education is empowering.
Keep in mind that a course in economics is not the same as a course in fiscal responsibility. Economics teaches how money works within the economy. Fiscal responsibility teaches how to manage money responsibly. Fiscal responsibility is more of a life experience issue that should (ideally) be passed on by the parents. But a good economics class is going to have some overlap with the subject of fiscal responsibility to at least get your students aware of financial concepts and get them thinking about using money wisely.
3. Political Awareness
Finally, there is the issue of political awareness. So much of our political news is financial news. What does it mean when the government says we are experiencing inflationary pressures in the third quarter? What does it mean when we hear that the Fed is having meetings about raising interest rates? What do politicians mean when they float schemes for tax relief, funding or defunding pension plans, and financial sanctions? What is a millage proposal, and how can you understand what it will cost you? In short, economics is interwoven with our political system and the things we vote on. Part of being an educated citizen is cultivating basic economic literacy so you can comprehend what is being discussed in the political arena.
4. It’s Fun!
I admit I am a little biased on this last point, but it’s true—an economics education can be great fun! It is a nifty subject, a kind of crossroads where other disciplines overlap: history, math, science, sociology, and philosophy all intersect in the study of economics. It is like a kaleidoscope of disciplines, a subject where the humanities and hard sciences come together and embrace. In other words, it has broad appeal to students with a variety of interests.
Economics Options
Homeschool Connections has a few options for economics in high school. There is my course, Economics as If People Mattered, is always available on recording. There is also Dr. David Harris’s Principles of Microeconomics and Catholic Perspectives, which is available both LIVE and in recording. If you want to support these courses with some shorter, econ-aligned content, I have three smaller recorded courses that are relevant: Introduction to Catholic Social Teaching, The Great Depression, and Hilaire Belloc’s The Servile State, which are all between four and ten sessions and can be used to buttress Homeschool Connections other semester economic courses to create a full year or a single semester honor’s course.
For financial literacy, see Dr. Peggy Morrow’s Financial Algebra course, which can be taken in place of Algebra 2. Also available is Jean Hoeft’s Personal Finance course, which uses Dave Ramsey’s Foundations in Personal Finance textbook for high school.
If you’d like to go it on your own, check out our Homeschool Economics Reading List.
Conclusion
Incorporating economics into your homeschool curriculum offers a wealth of benefits that extend beyond meeting state requirements. It provides crucial financial education, empowering students to make informed decisions about their money and their future. Moreover, it enhances political awareness, helping students to understand and engage with economic policies and their impacts.
And let’s not forget that economics is a fascinating subject that intersects with various disciplines, making it engaging for students with diverse interests. By adding an economics course to your homeschool program, you equip your children with essential knowledge and skills that will serve them well throughout their lives. Homeschool Connections offers a variety of courses to suit your needs, ensuring your students get a robust and enriching education in economics.
What tips or questions do you have about homeschooling? Join me and other homeschooling parents at our Homeschool Connections Community or our Facebook group to continue the discussion!
