NEW YORK, May 24, 2010 – Iolani School (Honolulu, HI) defeated more than 1,200 teams from across the country to become the national champions of the 2010 National Economics Challenge Finals conducted by the Council for Economic Education.
Student finalist teams from high schools across the country traveled to New York to compete in the only national economics competition for high school students. At stake were $15,000 in prize money, as well as trophies and bragging rights as the nation’s best.
The teams had each previously won state and semifinal competitions. Nearly 5,000 high school students in 32 states competed in the spring of 2010 to advance to the championship series. Student teams competing in the finals in New York City were Bellaire High School in Bellaire, TX, which took 2nd place; Carmel High School in Carmel, IN, which came in 3rd; and Long Beach Polytechnic High School, in Long Beach, CA, which came in 4th place.
Dick Rankin, teacher/mentor for team Iolani, has coached four teams to victory in the past six years. When asked what his secret to continued success was over the years, he commented, “The difference between winning and losing is preparation and teamwork. There are good teachers and good students everywhere. My kids worked so hard studying far above the AP level and they divided up the content sections, so one took the Fed, another took the Euro zone, for example. Hard work is what really makes a champion in this competition.”
Established in 2000, the National Economics Challenge competition honors and rewards students and teachers for their outstanding achievement, and showcases the critical need for an in-depth understanding of economic and financial issues.
“The past two years of economic uncertainty have shown us how essential economic understanding really is,” said Nan J. Morrison, President and CEO of the Council for Economic Education. “If our fate is in the hands of these remarkable young people here today, I am feeling very optimistic about our future.”
The final competition was held at the Scholastic Auditorium New York City, where over 200 educators, students and economists were in attendance. Teams were required to answer rigorous questions about complex economic concepts and theories of micro- and macroeconomics, international economics, and current events in an oral quiz bowl tournament style. The event was made possible by generous support from the US Department of Education, CEE board member Barry Haimes, and the Stiles-Nicholson Foundation.
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About the National Economics Challenge:
The CEE created the National Economics Challenge in 2000 to promote student interest in economics, reinforce classroom instruction, advance academics and school spirit and reward scholarship. In 2010, more than 1,200 teams of high school students participated in 32 states nationwide. The National Economics Challenge is one of several key initiatives in the CEE’s “Campaign for Economic Literacy” which seeks to focus public attention on the importance of economic literacy and the need for a high-quality, standards-based economics curriculum in every state.
The Council for Economic Education (CEE) envisions a world in which people are empowered to make informed choices throughout their lives as consumers, savers, workers, and participants in the global economy. The mission of the CEE is to advocate for school-based economic and personal finance education at the K-12 level; and to educate students, through well-prepared teachers, with high quality programs that help them achieve economic and financial literacy.
A leader in the field since 1949, the CEE offers a comprehensive K-12 economic and financial education program that offers teaching resources across the curriculum, professional development programs for teachers, and nationally-normed assessment instruments. These programs are delivered directly from the CEE and through a network of more than 200 affiliated state Councils and university-based Centers for Economic Education. Each year, the CEE’s programs reach 150,000 K-12 teachers and 15 million students in the U.S. and in 40 other countries.