Schools are responsible for preparing students to be successful in the economy. One skill that employers want from new recruits is an understanding of economics. Outside of the workplace, students benefit from understanding economics by developing an ability to make sound financial decisions. Understanding economics helps students understand which job markets they should participate in. Also, economic understanding lets students understand governmental policy regarding the economy and helps them participate in the political process.
Education economists focus on the effects that educational services have on an economy. Areas with economic impoverishment often have a hard time providing educational resources to students. Poorly educated populations have a hard time succeeding in the workforce and coming up with innovation that can lead to entrepreneurship. Economic analysis also helps developers determine if constructing a school or other education establishment will be economic and sustainable.
While governments mostly fund schools, some parts of the world have a difficult time due to budgetary restraints. The private sector and non-profit sectors often find ways to raise funds for schools, such as with donations and tuition charged to students who can afford the them. Some schools are also owned and operated by communities.
Students must process very large amounts of information when studying economics. Some argue that the excessive information leads to many students not understanding basic economic logic that allows them to make decisions in their day-to-day lives, nor does it allow them to understand governmental policy related to the economy. Though the majority of students taking economics courses will never become economists, courses are taught as if all of the students will become economists. Some, such as economist Robert H. Frank, argue that students should be taught principals that will help them in day-to-day life, such as helping them weigh costs and benefits.
Some non-profit organizations, such as United for a Fair Economy, provide economic education for adults in the hopes of preparing them to weather tumultuous economic environments. These organizations use diverse educational techniques ranging from presentations to games to help students remember economic principles so that they can apply these principles to their daily lives. Popular economics lessons focus on more democratic educational approaches, allowing students to decide the direction that each class moves in.