It’s October and that can only mean one thing: it’s Economic Education Month. That’s right, for the first time in our nation’s history, the month of October has been officially designated as a time to formally acknowledge the importance of teaching economics to our K-12 students.

Economics is all around us. It teaches us that scarcity forces everyone to make choices, and these choices come with costs. It also helps us understand how incentives encourage everyone to act in certain ways. Students with a clear understanding of basic economic principles will be equipped to make educated decisions that will help them live productively as they travel through life.