Economic and Financial Literacy
Definition
Capacity to apply reasoning when making decisions about using scarce resources.
Description
Economic reasoning implies having the capabilities to identify the choice-related problems which confront us, define criteria and goals which frame our choices, identify and analyze the possible effects and opportunity cost of each alternative, and take actions based upon acost-benefit analysis of the various alternatives (Symmes & Gilliard, 1981).
Knowledge of economic-related aspects has become determinant to deal with the increasing complexity of the day-by-day decisions that a normal citizen has to take.
Not surprisingly, the issues related to economic education are under increasing attention. Our survey of the literature conducted under the Project Economicando (Varum & Ferreira, 2011) shows that in more recent years, economic education has enjoyed a clear revival, reflected in the “boom” in published research on the matter. As a result, from its initial contributions in the...
Notes
Acknowledgments
Project Economicando, (PTDC/EGE-ECO/100923/2008) financed by FCT - Fundação para a Ciência e Tecnologia and co-financed by FEDER funds through the Programa Operacional Fatores de Competitividade – COMPETE.
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