National Economics Challenge: What is it, How to Get Involved, and Tips for Success
If you've ever been interested in economics and want to put your knowledge to the test, then the National Economics Challenge is the perfect opportunity for you. This annual competition allows students to showcase their understanding of various economic principles and compete against their peers from across the country. Not only does it provide a platform for students to demonstrate their skills, but it also offers valuable learning experiences and opportunities for scholarships!
In this blog post, we will discuss what the National Economics Challenge really is as well as how to directly get more involved and prepared for it. We will also be sharing some helpful tips for success in the competition, and some of the benefits of participating in this challenge.
What really is the National Economics Challenge
The National Economics Challenge is held annually by the Council for Economic Education, whose objective is to promote economic literacy in the youth of today. By participating in this challenge, students have the opportunity to deepen their understanding of economic concepts and principles. This competition tests students' knowledge in various areas such as microeconomics, macroeconomics, international economics, and even current events.
How it Works
The National Economics Challenge is open to both middle-schoolers and high-schoolers. Depending on this, you will be placed in different divisions of the competition. Regardless of the division, teams of 3 or 4 students with a coach from the same school, community, or after-school program need to be created in order to participate. Below are the following divisions:
Milton Friedman: for middle-school students (grades 6-8)
Adam Smith: high-schoolers (grades 9-12) who are either returning competitors or AP/IB/Honors students in economics (Microeconomics, Macroeconomics, or both)
David Ricardo: high-schoolers (grades 9-12) with no prior experience
After you have formed your team and determined which division you will be competing in, you will need to study and prepare for the competition. The competition involves the following stages:
State-Level Competitions: examinations will take place at the state-level and each state will have a winning champion that moves on to the National Semifinals. For specific rules regarding your state, check out this link to select your state and view competition guidelines with respect to the specific format of the examination.
National Semi-Finals: There are three consecutive rounds in this part of the competition with Round 1 covering Microeconomics, Round 2 covering Macroeconomics, and Round 3 covering International Economics and Current Events. In total, it consists of a 45-minute, 45-question (each round with 15 questions) online multiple choice quiz where your team will compete against other state champions. Team members participate individually and their scores are added to compile the team score. The top teams from the semi-finals will then advance to the finals
National Finals – Critical Thinking Round: This will be an in-person part of the challenge. Students will participate in a critical thinking round. This will be where members compete as a team to produce a working and developed analysis to a current economic problem. The top four teams will qualify for the “Quiz Bowl” Round.
National Finals – Quiz Bowl Round: This will be an oral quiz bowl covering all previously mentioned topics in economics with a total of 22 questions. The top team will be declared the National champion.
International Quiz Bowl Round: The winning National champions have the opportunity to participate in a quiz bowl with International students from China.
For more specific information about each round, consider checking out the official National Economics ChallengeSM Rules and Eligibility from 2023 to get an idea of more of the technicalities of each round.
How to Register
To register for the National Economics Challenge, visit the official website and fill out the registration form. Each team must consist of three to four students and a coach as mentioned before. The registration deadline is typically in early spring, and teachers are responsible for registering participating students. Registration for this year’s challenge opens January 22, 2024 so keep a lookout for that!
Awards
The awards for the National Economics Challenge include: 1st place: $1,000 | 2nd place: $500 | 3rd place: $250 | 4th place: $200. The amounts may vary slightly from year to year, but this was the reported award amount for 2023. In addition to the cash prizes, winners also receive recognition and a certificate of achievement! Besides the awards, participants in the National Economics Challenge have the opportunity to showcase their knowledge and skills in economics, network with other students, and gain valuable experience for their future academic and career pursuits.
Tips for Success and Preparing for the National Economics Challenge
Preparing for the National Economics Challenge may seem daunting, but with the right strategies and mindset, success is within reach! Here are some tips to help you excel in the competition:
Start Early
The biggest tip is to start early and be consistent in your preparation. Instead of cramming all of the content the night before the competition, dedicate regular study sessions to cover all the necessary topics and ensure a comprehensive understanding of the economic concepts covered. The best way to do this is to create a study schedule in advance. This will help you allocate specific time slots for each topic and ensure that you have enough time to review and practice for the challenge.
Take Practice Tests and Use Your Resources
The best way to prepare for an economics competition is to take practice tests and utilize available resources. Practice tests can help you familiarize yourself with the format and types of questions that may be asked during the competition. The official National Economics Challenge website offers a lot of resources including topic-focused lessons, sample questions and past exams that you can use for practice.
Additionally, make use of textbooks, online resources, and study guides to further enhance your understanding of the concepts. Consider taking guided academic courses geared toward preparing for these challenges such as Aralia’s Courses. If you want to go beyond just this challenge, consider participating in our Inspirit AI 1:1 Program: AI + X Individual Research where you can gain research experience on the intersection of artificial intelligence and economics (or any other field of interest!).
Benefits of Getting Involved with The National Economics Challenge
Exploring economics through the National Economics Challenge may seem overwhelming at first, but there are numerous benefits that it offers that prepares students for their careers and other endeavors.
Develop meaningful skills
Participating in the National Economics Challenges allows you to develop core skills such as critical thinking, problem-solving, and data analysis. These skills are highly valued in the professional world, for any career you may wish to pursue, and can greatly enhance your future prospects. Additionally, participating in the National Economics Challenge provides opportunities for networking with industry professionals and gaining real-world insights into the field of economics.
Gain experience being in a high-pressure environment
Being in a competition environment helps enhance your learning on how to perform under stress. This experience can be valuable in preparing for future academic or professional challenges, as it teaches students how to remain calm and focused even in stressful situations. Furthermore, participating in the National Economics Challenge allows students to compete against individuals from across the nation, fostering a sense of healthy competition (something that will be present in their future professional pursuits) and providing an opportunity to showcase their knowledge and abilities on a national stage.
Bolster college application
The National Economics Challenge can demonstrate a student's dedication and passion for economics and desire to showcase that passion to the world, highlighting their commitment to academic excellence, something that admissions counselors will appreciate. Additionally, participating in such a prestigious competition can also open doors to scholarship opportunities and networking connections within the field of economics itself!
Overall, getting involved in the National Economics Challenges as a high school student (or even as a middle-schooler!) not only enables you to develop valuable skills and knowledge in the field of economics, but it ultimately prepares you for success in college and beyond.
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