How well do you remember your high school econ class?
It’s an important topic for high school students across the country who are learning about the economy in which they will work, invest, and start businesses.
Additionally, since 2022, 12 states have implemented requirements for high schools to teach financial literacy, with some also incorporating the fundamentals of free-market capitalism.
Nearly a dozen high school teachers told Business Insider that they’ve noticed their students are increasingly engaged in lessons on capitalism — and are skeptical toward the model. That’s largely because they’re more aware of economic conditions, such as the persistent wealth gap. In recent years, Americans of all ages’ positive views about capitalism have declined, according to a range of surveys. The shift is particularly pronounced among younger generations and Democrats.
Regardless of their views on it, said David Ring, a 12th-grade economics teacher in Texas, capitalism is the dominant economic system in the US, and to teach it effectively, it’s helpful to start with the basics.
“There’s no purely free-market driven large-scale economy out there, just as there’s no purely communist driven large-scale economy out there,” Ring said.
Here’s a lightly edited version of a quiz Ring gives his students on capitalism. Can you ace it?
As part of Business Insider’s series “The Future of Capitalism,” we’re looking at the erosion of Americans’ confidence in capitalism and what related changes in our economy mean for your work and wealth. Read the other stories in the series: