fbpx

15 Economics Competitions for High School Students

By Eric Eng

By Eric Eng

an athletic scorekeeper

15 Economics Competitions for High School Students

Economics competitions are a great way for high school students to showcase their knowledge and skills and offer valuable learning experiences and opportunities. Participating in these competitions can enhance students’ understanding of economic principles, critical thinking abilities, and problem-solving skills. 

Moreover, they provide a platform for students to network with professionals in the field and gain recognition for their accomplishments. This article will explore the importance of economics competitions, tips for successful participation, an overview of top competitions, specific insights into competition formats and judging criteria, and the post-competition opportunities available, including scholarships and career prospects.

1. National Economics Challenge

  • Location: New York City
  • Registration Fee: Unspecified
  • Eligibility: The competition is open to all high school students interested in economics, with two divisions available: the David Ricardo Division for first-time competitors and the Adam Smith Division for advanced placement, international baccalaureate, honors students, and returning competitors. 
  • Important Dates: April 22-26, 2024, with the finals scheduled for June 1-3, 2024

The National Economics Challenge, organized by the Council for Economic Education, is a prestigious competition that showcases high school students’ knowledge of economic principles. Teams participate in written and oral rounds, tackling questions on microeconomics, macroeconomics, international economics, and current events. 

This challenge tests students’ understanding of economic concepts and encourages critical thinking and teamwork, providing a platform for young economists to demonstrate their analytical skills and passion for the subject.

2. Fed Challenge

  • Location: Federal Reserve Bank of New York for schools in the Second Federal Reserve District
  • Registration Fee: Unspecified
  • Eligibility: High school teams from eligible schools within the Second Federal Reserve District can participate
  • Important Dates: September 2024

Sponsored by the Federal Reserve, the Fed Challenge is an enriching competition where high school students explore the intricacies of monetary policy. Participants analyze economic indicators, assess the current economic situation, and present their monetary policy recommendations to judges. 

This hands-on experience immerses students in central banking, allowing them to apply economic theories to real-world scenarios. The Fed Challenge fosters a deep understanding of economic policy-making processes, providing a unique opportunity for students to explore the complexities of monetary decisions and economic stability.

3. International Economics Olympiad (IEO)

  • Location: Saint Petersburg, Russia
  • Registration Fee: $300
  • Eligibility: High school students from 10th to 12th grade
  • Important Dates: April 30, 2024 

The International Economics Olympiad is a global competition that brings together high school students with a passion for international economics. Participants tackle challenging problems related to trade, economic policies, and global economic issues, showcasing their analytical and problem-solving skills. 

This Olympiad not only fosters a spirit of international collaboration but also encourages students to delve into the complexities of economic relations on a global scale. It provides a unique opportunity for young economists to engage in cross-cultural discussions and develop a nuanced understanding of international economic dynamics.Princeton University Writing Contests

4. EconChallenge

  • Location: Online platform
  • Registration Fee: $125
  • Eligibility: High school students interested in economics
  • Important Dates: April 13, 2024

The EconChallenge, organized by the National Association of Economic Educators, is a comprehensive competition designed to evaluate students’ economic understanding. With multiple-choice tests and critical thinking rounds, participants thoroughly assess their knowledge of microeconomics, macroeconomics, and international economics. 

This challenge tests theoretical knowledge and emphasizes the application of economic principles to real-world scenarios, fostering a holistic understanding of economic concepts. The EconChallenge is a platform for high school students to demonstrate their economic acumen, critical thinking abilities, and enthusiasm for the field.

5. Finance Challenge

  • Location: Cleveland, Ohio
  • Registration Fee: Unspecified 
  • Eligibility: High school students who have taken economics
  • Important Dates: May 2024

The Finance Challenge, run by the Council for Economic Education, focuses on personal finance and economic concepts. High school students participate in a competition that evaluates their understanding of budgeting, investing, and financial decision-making. 

The challenge not only equips students with practical financial skills but also emphasizes the importance of financial literacy for making informed and responsible economic decisions. Through the Finance Challenge, students gain valuable insights into managing personal finances and navigating the complexities of the modern economic landscape.

6. Stock Market Game

  • Location: Cleveland, Ohio
  • Registration Fee: $15 to $30
  • Eligibility: High school students who have taken economics
  • Important Dates: March 3 to March 6 

The Stock Market Game, organized by the SIFMA Foundation, is a simulation that allows high school students to experience the stock market dynamics. Participants receive virtual money to invest in stocks, learning about financial markets, investment strategies, and the impact of economic events on stock prices. 

This interactive experience enhances students’ understanding of financial markets and instills crucial skills such as risk management and strategic decision-making. The Stock Market Game provides a hands-on approach to financial education, empowering students to make informed investment choices and develop a nuanced understanding of the complexities of the financial world.

7. International Economic Summit (IES)

  • Location: Unspecified
  • Registration Fee: $699 to $1069
  • Eligibility: High school students
  • Important Dates: September 26

The International Economic Summit (IES) is a unique competition that simulates international diplomacy and trade negotiations. High school students participate in a hands-on experience where they take on the roles of diplomats and policymakers, engaging in negotiations and decision-making processes related to economic and geopolitical issues. 

This summit tests students’ knowledge of economic principles and hone their diplomatic and negotiation skills. The IES fosters a collaborative environment where participants work together to address global challenges, offering a holistic perspective on the interconnected nature of international economics and diplomacy.

8. National Personal Finance Challenge

  • Location: Cleveland, Ohio
  • Registration Fee: Unspecified
  • Eligibility: High school students
  • Important Dates: May 19-20, 2024

The National Personal Finance Challenge, hosted by the Council for Economic Education, is a competition that evaluates high school students’ understanding of personal finance topics. Participants engage in budgeting, investing, and financial planning challenges, showcasing their ability to make informed financial decisions. 

This challenge emphasizes the importance of personal financial literacy and encourages students to develop practical skills for managing their finances responsibly. The National Personal Finance Challenge serves as a platform for students to apply economic principles to real-life scenarios, empowering them to navigate the complexities of personal finance confidently.

9. International Finance Olympiad (IFO)

  • Location: India
  • Registration Fee: $11
  • Eligibility: Students in grades 8 to 12
  • Important Dates: Unspecified

The International Finance Olympiad (IFO) is a global competition that challenges high school students to apply their knowledge of finance and investment. Participants engage in problem-solving activities, case studies, and assessments related to financial markets, investment strategies, and economic decision-making. 

This Olympiad not only tests students’ analytical and critical thinking skills in finance but also provides a platform for them to showcase their expertise on the global stage. The IFO fosters a spirit of healthy competition and encourages students to delve into the intricacies of finance, preparing them for future endeavors in the dynamic world of global finance.

10. Harvard Pre-Collegiate Economics Challenge

  • Location: Harvard University 
  • Registration Fee: $125
  • Eligibility: Open to all high school students interested in economics
  • Important Dates: April 13, 2024

The Harvard Pre-Collegiate Economics Challenge is a competition that allows high school students to collaborate in teams, solve economic problems, and present their findings to a panel of judges. Participants engage in case studies, discussions, and presentations assessing their understanding of economic concepts and ability to apply economic theories to real-world scenarios.

This challenge evaluates students’ analytical and problem-solving skills and allows them to experience the collaborative and dynamic nature of economic decision-making. The Harvard Pre-Collegiate Economics Challenge prepares students for academic and professional pursuits in economics, offering a platform to showcase their expertise in the field.

11. Euro Challenge

  • Location: Unspecified
  • Registration Fee: May vary
  • Eligibility: Open for high school students
  • Important Dates: Unspecified

The Euro Challenge is a competition focused on the European Union, challenging high school students to analyze economic and policy issues affecting EU member countries. Participants engage in research, presentations, and discussions about the EU’s economic challenges and opportunities. 

This competition not only evaluates students’ understanding of European economics but also fosters a deeper appreciation for the economic complexities within the EU. The Euro Challenge provides a platform for students to develop a nuanced understanding of regional economic issues and prepares them for informed discussions on European economic policies.Young students of language school on color background

12. Economics for Leaders (EFL) Case Competition

  • Location: Ottawa, Canada
  • Registration Fee: $1,995
  • Eligibility: Eligible teams often consist of students from different disciplines or backgrounds to form interdisciplinary teams capable of addressing complex challenges. 
  • Important Dates: Unspecified

Part of the Foundation for Teaching Economics, the Economics for Leaders (EFL) Case Competition challenges high school students to apply economic principles to real-world scenarios. Participants engage in case analyses, discussions, and presentations, showcasing their ability to apply economic concepts to decision-making processes. 

This competition evaluates students’ economic understanding and emphasizes the practical application of economic theories to solve complex problems. The EFL Case Competition provides students a platform to hone their analytical and communication skills, preparing them for leadership roles in various fields.

13. International Trade Challenge

  • Location: Asia Pacific Region
  • Registration Fee: Vary depending on the specific challenge
  • Eligibility: Students typically must be aged between 15-19
  • Important Dates: Unspecified

The International Trade Challenge, organized by the International Trade Centre, involves high school students creating and marketing a new product, emphasizing international trade concepts. Participants engage in the entire product development process, from conceptualization to market entry, gaining insights into the challenges and opportunities of international trade. 

This challenge assesses students’ business acumen and enhances their understanding of the global marketplace. The International Trade Challenge provides a hands-on experience that encourages students to think strategically about international trade and prepares them for careers in the dynamic world of global business.

14. National Economics Olympiad (NEO)

  • Location: India
  • Registration Fee: INR 180
  • Eligibility: Open to all school students in classes XI and XII from India and South East Asia
  • Important Dates: August 2024

The National Economics Olympiad (NEO) is an Indian competition that assesses high school students’ understanding of economic theories, policies, and current affairs. Participants engage in written exams and case studies, showcasing their knowledge of microeconomics, macroeconomics, and international economics. 

This Olympiad evaluates students’ theoretical understanding and emphasizes the practical application of economic principles to solve real-world problems. The NEO serves as a platform for students in India to demonstrate their economic prowess and prepare them for future academic and professional pursuits in economics.

15. Australian Economics and Business Studies Competition (AEBSC)

  • Location: Australian School of Business at the University of New South Wales
  • Registration Fee: Unspecified
  • Eligibility:  The AEBS competition is open to high school students across Australia with a basic understanding of economics and business studies.
  • Important Dates: Unspecified

The Australian Economics and Business Studies Competition (AEBS) is open to high school students in Australia, evaluating their knowledge of economics and business studies through a comprehensive exam. Participants engage in assessments covering various topics, including economic principles, business concepts, and current economic issues. 

This competition tests students’ theoretical understanding and emphasizes their ability to apply economic and business principles to practical scenarios. The AEBS competition is a platform for Australian students to showcase their economics and business studies expertise, fostering a deeper appreciation for the complexities of economic and business concepts.

Understanding the Importance of Economics Competitions for High School Students

Economics competitions significantly promote economic literacy among high school students. These contests create a competitive environment, encouraging participants to deepen their understanding of economic concepts and theories. Students demonstrate their ability to apply economic principles to real-world scenarios by participating and fostering critical thinking and analytical skills.

Furthermore, economics competitions offer a unique opportunity for students to engage with professionals and experts in the field. The feedback and guidance received from judges can help students refine their knowledge and skills, shaping them into well-rounded individuals with a deeper understanding of economics.

But what are the specific benefits of participating in economics competitions? Let’s explore further.Group of student working on their laptops.

Benefits of Participating in Economics Competitions for High School Students

Participating in economics competitions brings numerous benefits to high school students. Firstly, it allows them to develop a strong foundation in economics. Through extensive research and preparation for these competitions, students delve into various economic concepts and theories, expanding their knowledge base.

Secondly, economic competitions promote teamwork and collaboration. Many competitions require participants to work in teams, allowing students to learn from each other’s strengths, leverage diverse perspectives, and enhance their ability to work collectively to solve complex economic problems.

But that’s not all. Let’s uncover another benefit of participating in economics competitions.

How Economics Competitions for High School Students Enhance Learning?

Economics competitions go beyond traditional classroom learning. They provide a hands-on approach to understanding economics by simulating real-world scenarios. Students are challenged to think critically, analyze data, and develop innovative solutions to economic problems.

Additionally, these competitions often incorporate elements of research, allowing students to explore economic topics in-depth. Through this process, students gain a deeper understanding of economic theories, their applications, and their implications in the larger socio-economic context. This experiential learning approach enhances students’ understanding and fosters a sense of curiosity and a passion for economics.

Furthermore, by participating in economics competitions, students develop essential skills such as time management, problem-solving, and decision-making. The rigorous preparation required for these competitions strengthens their ability to work under pressure and effectively manage their time—a skill that has far-reaching benefits beyond the competition itself.

As you can see, economics competitions provide a platform for high school students to deepen their understanding of economics, develop valuable skills, and engage with professionals in the field. These competitions are a stepping stone toward a future where economic literacy is widespread, and individuals are equipped with the knowledge and skills to make informed decisions in the ever-evolving economic landscape.

Preparing for Economics CompetitionsHow To Prepare For Grad School

Essential Skills for Economics Competitions

Successful participation in economics competitions requires a combination of knowledge, skills, and preparation. Here are some essential skills that students should focus on developing:

Analytical Thinking: Participants must analyze complex economic scenarios, identify key factors, and develop logical arguments based on economic principles.

Data Interpretation: Competitors should possess strong skills in interpreting and understanding data. This includes analyzing graphs, charts, and other forms of graphical representation of economic data.

Research: A strong foundation in research skills is vital. Participants must conduct extensive research to support their arguments and provide evidence for their solutions.

Communication: Effective communication skills are crucial for presenting their findings and ideas clearly and persuasively to judges and fellow competitors.

Developing these essential skills requires consistent practice, self-study, and seeking guidance from mentors or economics teachers. It is also recommended that people actively engage in discussions or join clubs related to economics to enhance their knowledge and critical thinking abilities.

Furthermore, to excel in economics competitions, it is important to have a solid understanding of economic theories and concepts. This includes supply and demand, market structures, fiscal and monetary policies, and international trade. With a strong grasp of these fundamental principles, participants can approach competition problems with confidence and accuracy.

In addition to knowledge and skills, time management is another crucial aspect to consider when preparing for economics competitions. Participants must learn to allocate their time effectively during the competition, as they often have limited time to analyze and respond to complex economic scenarios. Practicing time management techniques, such as setting specific time limits for each task and prioritizing key elements, can greatly enhance performance under pressure.

Tips for Successful Participation in Economic Participation for High School Students

Here are some tips to help high school students successfully navigate economics competitions:

Start Early:  Embarking on your competition journey necessitates a strategic and well-thought-out approach. Initiate the preparation process well to provide ample time for extensive research, dedicated practice sessions, and thorough revisions. By beginning early, you not only alleviate the pressure but also create a conducive environment for in-depth learning and skill development.

Understand the Format:  Understanding the competition format, rules, and judging criteria is paramount for effective preparation. Familiarize yourself with every nuance of the competition’s structure, ensuring that your efforts are precisely aligned with the expectations set by the organizers. This insightful understanding allows you to strategize your approach, optimizing your chances of standing out among the participants.

Work collaboratively: Collaboration becomes a cornerstone of success for competitions that permit team participation. Leverage the unique strengths of your teammates, fostering a cooperative environment that thrives on effective communication and shared goals. Delegate tasks strategically, recognizing and utilizing each team member’s expertise, thereby maximizing the collective potential of your group.

Practice, Practice, Practice:  Practice is the linchpin of preparation. Use mock competitions and relevant exercises to refine your skills and build unwavering confidence consistently. Repetition not only reinforces your understanding of key concepts but also familiarizes you with the rhythm and expectations of the competition environment.

Seek Feedback: In your quest for excellence, actively seek feedback from mentors, teachers, and those who have traversed similar competition paths before. Constructive insights from experienced individuals provide invaluable perspectives, allowing you to identify areas for improvement and refine your strategies. Embracing feedback not only accelerates your growth but also positions you on a trajectory toward success in your chosen competition.

By following these tips, students can optimize their preparation process and increase their chances of success in economics competitions.

Overview of Top Economics CompetitionsThree business students smiling at the camera.

National Level Economics Competitions for High School Students

Several national-level economics competitions provide an excellent platform for high school students to showcase their skills and compete with peers nationwide. These competitions often require participants to undertake research, present their findings, and participate in rigorous economic simulations.

Some notable national-level economics competitions include the National Economics Challenge, sponsored by the Council for Economic Education, and the Economics for Leaders program organized by the Foundation for Economic Education (FEE).

The National Economics Challenge, for example, consists of multiple rounds where students are tested on their knowledge of micro and macroeconomics, international economics, and current events. Participants engage in intense quiz bowl rounds, written exams, and critical thinking challenges, all designed to push their understanding of economic principles to the limit. Winners of the National Economics Challenge receive cash prizes and recognition from top colleges and universities, opening doors to future academic and professional opportunities.

International Level Economics Competitions for High School Students

If you are looking for more global exposure, several international economics competitions offer opportunities to compete against the best students worldwide. These competitions often require participants to solve complex economic problems, propose innovative solutions, and present their findings to an international panel of judges.

Notable international-level economics competitions include the International Economics Olympiad, the World Economics Olympiad, and the Hult Prize Global Finals.

For instance, The International Economics Olympiad brings talented high school students together to compete in a series of challenging theoretical and practical economics tasks. Participants are tasked with analyzing real-world economic issues, developing policy recommendations, and defending their solutions before a prestigious jury of economists and academics. The competition fosters critical thinking and problem-solving skills and promotes cross-cultural exchange and collaboration among young economists from diverse backgrounds.

Insights into Specific Economics Competitions for High School Students

Breakdown of Competition Formats

Competition formats vary significantly, ranging from written exams to oral presentations, research papers, and economic simulations. It is essential to understand the competition format you are interested in, as this will determine the specific skills and knowledge you need to focus on during your preparation.

Some competitions, such as the National Economics Challenge, include multiple-choice exams and team presentations. Others, like the International Economics Olympiad, involve written tests and extemporaneous speeches.

Moreover, certain economics competitions incorporate real-world case studies or policy analysis tasks to test participants’ ability to apply theoretical knowledge to practical scenarios. These competitions provide a holistic view of economic problem-solving and decision-making processes, challenging participants to think critically and creatively.

Judging Criteria in Economics Competitions for High School Students

Judging criteria in economics competitions typically evaluate participants based on their understanding of economic principles, clarity of presentation, creativity of solutions, and ability to articulate arguments effectively. Judges may also assess teamwork (in team competitions), research skills, and analytical thinking.

Understanding the judging criteria of the specific competition you are participating in is crucial to tailor your approach accordingly.

Furthermore, in some economics competitions, there is a strong emphasis on applying interdisciplinary knowledge, where participants are required to integrate concepts from fields such as sociology, political science, and mathematics into their economic analyses. This multidisciplinary approach enriches the competition experience and highlights the interconnected nature of various academic disciplines in addressing complex economic issues.

Post-Competition OpportunitiesFirst Generation College Students at Brown University

Scholarships and Awards from Economics Competitions for High School Students

Winning or placing well in economics competitions can open doors to various post-competition opportunities. Many competitions offer top performers scholarships, cash prizes, or internship opportunities. These rewards recognize the students’ achievements and provide financial support for further education in economics or related fields.

For instance, the prestigious Smithson Economics Competition awards a generous scholarship to the winner, covering tuition fees for a four-year undergraduate degree in economics at any university of their choice. This relieves the financial burden on the student and allows them to pursue their passion for economics without any constraints.

Furthermore, high-ranking participants in prestigious competitions may receive invitations to join exclusive economic societies or participate in advanced training programs, enhancing their academic credentials. The Keynesian Society, for example, extends an invitation to the top ten performers of the Hayek Economics Competition to become lifetime members, providing them with access to a network of esteemed economists and exclusive research opportunities.

Career Prospects after Participating in Economics Competitions for High School Students

Participating in economics competitions can have lasting impacts on students’ career prospects. Participants develop a competitive edge when applying to renowned universities or economics programs by demonstrating their knowledge and skills. The recognition gained from these competitions can also impress future employers, showing a commitment to excellence and a passion for economics.

Moreover, participating in economics competitions often allows students to connect with economists, professors, and industry professionals, expanding their network for future opportunities within the field. For instance, the Adam Smith Economics Competition hosts an annual networking event where participants can interact with influential figures in the industry, potentially leading to internships or job offers.

Furthermore, the exposure gained from participating in economics competitions can pave the way for speaking engagements at conferences and seminars. This not only enhances the participant’s reputation but also provides a platform to share their insights and contribute to the field of economics.

Overall, economics competitions offer a platform for high school students to take their love for economics to a new level. Whether you are keen on developing your economic knowledge, improving essential skills, or exploring career prospects, participating in these competitions can be a transformative experience. So, dive into the world of economics competitions and unleash your potential!

Author

Leave a Comment

Your email address will not be published. Required fields are marked *

Sign up now to receive insights on
how to navigate the college admissions process.