An Assessrrent of Children's Economic Knowledge

Abstract

For many years, Korean economic educators have been

concerned about childfen's economic illiteracy. This study

attempts to measure the economic knowledge of Korean 5th

and 6th grade students in comparison with that of u.s.

students. ln addition, this study peforms regression analyses

to identJfy vafious factors influencing Korean children's test

scores.

According to the fesults of the test administered, Korean

children have less economic knowledge than American

children, thus confirming the fears of Korean economic

educators. in pafticular, Korean students are weak in such

basic concepts as opportunity cost, supply and demand,

and competition. ln addition, they are weaker in forms of

useful comprehension than In forms of moree factual

knowledge. The regression analyses also suggest that

female 6th grade students, those who fead more books,

those with positive attitudes towafd social studies, those

from higher-income familes, and urban area students tend

to have highef test scores.