How To Get My Child Interested In Economics

The study of Economics is greatly becoming one of the best university courses in Singapore today. This subject provides great opportunities to those who excel in their studies and successfully graduated with good grades. However, achieving success in Economics is quite difficult and thus, quite a number of students find themselves challenged with the pressures of the subject.

Economics helps to make well-informed decisions. A significant part of the subject is related to decision making; how can the government cut down the budget deficit; how can businesses raise profit margins. It teaches students how to go about making choices, which is very important in business.

In addtion, Economics provides students with the ability to manage personal finances, which is a fundamental skill that should be learned.  While schools are working hard to impact the necessary economics knowledge and skill to students, it is also important for parents to play their part.

Here are some essential tips on how you can get your child interested in economics.

Explain To Your Child The Relevance Of Economics To Your Child Academic Life

You can get your child interested in economics by explaining the value of economics to his/her overall academic success. Explain to your child how economics will him/her in other subjects such as Business and Finance.

This approach will give your child a better appreciation of Economics, and lets him/her sees how economics will contribute to his/her overall education. It is also helpful to point out some economics concept that will help him/her later in other subjects, especially in subjects they seem to find difficult.

Explain To Your Child The Relevance Of Economics To His/her Professional Life

It is more likely for your child to get interested in Economics if he/she anticipate an eventual reward in terms of his/her future professional live. You can enhance motivation by linking economics concept to your childs’ intended professions. Point out how the skills and knowledge he/she will gain in economics will be of help to his/her profession. For example, explain to your child how economics knowledge will enable him/her analyze cost and its benefits, and also help him/her to make some thoughtful decisions later in life.

Highlight Real-world Applications Of Economics

One of the effective ways to get your child interested in economics is to have your kid apply what he/she is learning in Economics to real-world contexts. For example, discuss the application of the law of diminishing returns with him/her. Use chocolates as an example, ask your child why he/she do not eat 10 chocolates per day?

Moreover, let him/her know how this is related to Economics in such a way that the first chocolate may give him/her 100% satisfaction, the second and third chocolate may give 50% and 30% satisfaction respectively, while the fourth, fifth and sixth chocolates may give a negative utility.

Let Your Child Learn By Doing

You can get your child interested in Economics by connecting the concepts of the subject to your childs’ personal interest. You can make your child learn by doing, as it is said that the best way to understand how economics concept (such as a financial institution) work is to use one. You can open a savings account for your child at your bank and have your child start saving a portion of his/her allowance.

Show Your Own Interest In Economics

Your actions speak louder than words and your own interest in economics can be powerful and contagious. Even if your child is not initially interested in economics, by clearly demonstrating your own interest in the subject, you can often raise your childs’ curiosity and motivate him/her to find out what excites you about economics.

This can make your child more interested than he/she had initially planned. Also, you can discuss your current financial decisions with your child so he/she can learn from them.

Conclusion

Economics is a great foundation for many careers. Especially for students that have an interest in business. Economics equip students with necessary skill and knowledge that will enable them to understand how a business works and how to analyze markets.

The subject looks tough for some students as it comprises high levels of both analytical and communication skills, therefore it is necessary for parents to help their children create interest in Economics.

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