economic literacy

Economic literacy is the ability to understand basic economic concepts and how they influence individual decisions, businesses, and societies. It involves knowing how markets work, the significance of prices, inflation, and how government policies impact the economy. Being economically literate helps people make informed choices about spending, saving, investing, and voting. It also allows individuals to better understand news and debates about economic issues, contributing to more thoughtful participation in society. Essentially, it’s about having the knowledge to navigate and understand the economic forces that shape our daily lives.