Korean schoolkids know little about even the basics of economics, a study finds.
The Ministry of Economy and Finance tested 15,788 schoolkids on their understanding of economics last November, and their average score was just 53 out of 100 points.
Sixth graders scored an average 58.09 points, 11th graders 51.74 points and ninth graders 48.84 points.
Among other things they were asked to define common economic terms such as inflation and interest rates, and half of them were unable to answer correctly.
The 11th graders mostly did not seem to realize that a credit-card bill indicates money owed to the issuer, and ninth graders seemed to be unclear what demand is.
The Ministry of Economy and Finance discussed the results with the Education Ministry to find ways to remedy the problem.
According to the minutes of their meeting, Lee Sang-soo, the head of the school innovation support team at the Education Ministry, said economic teaching is based too much on theory and needs to include more practical content.
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