How It Works

 

Overview - Two Levels of Competition - High School and AP/IB/More than one semester of econ

The Economics Challenge is a competition for teams of high school students in which they test their knowledge of economics on either the AP/IB lovel in the Adam Smith division or on the high school level in the David Ricardo division.  Teachers set up teams of 3-4 students. 

Fall and Spring sessions: Again this year both fall (2025) and spring (2026) online testing windows are offered.  In each session, students individually answer 30 questions  in 35 minutes for the first round of competition. Students can compete in only one session and in one division each year. 

State Finals for IL: 

New this year -  only Adam Smith and David Ricardo teams that test on-line while proctored by school personnel and during school hours will be eligible for consideration for an invitation to the state finals. "During school hours" may include before school officially begins or immediately after the conclusion of the school day. Questions may be directed to Joy Joyce at joyljoyce@gmailcom for clarification of these rules.

The highest scoring Adam Smith division teams will be invited to an in-person state finals round to be held on April 13, 2026, at North Central College in Naperville to determine which team represents ILLINOIS and enters the official semi-finals round conducted online by Council for Economic Education.

It is exciting to announce that the David Ricardo division will also conduct an in-person state finals this year on April 15 at UIC. The highest scoring David Ricardo division teams will be invited to an in-person state finals round to be held on April 15, 2026, at UIC in Chicago to determine which team represents ILLINOIS and enters the official semi-finals round conducted online by Council for Economic Education

AGAIN THIS YEAR: PRIZES for TOP TEAMS and Teachers  The North Central College Center for Financial Literacy will award prizes (gift cards) to the first and second place Adam Smith team and their teacher and the first place David Ricardo team and their teacher. Many thanks to North Central College for financial support for prizes offered in the event.

There will also be a random drawing to award one teacher from each division. Each teacher will have as many chances to win as the number of teams completing the challenge this academic year. For example, for teachers with one team there will be one entry for that teacher.  For teachers with multiple teams completing the challenge, there will be mutliple entries into the drawing for that teacher.

National Semi-finals Round: Each state champion team will invited to participate in the online national semi-final round of the National Economics Challenge, which will be held between April 20 and 24, 2026.

National Finals: The Council for Economic Education will identify the top scoring teams in each division from the semi-finals round and they will be invited to the National Economics Challenge finals to be held in person May 27th-29th 2026 in Atlanta, GA at the Federal Reserve Bank. The finals will include a Critical Thinking Round and a Quiz Bowl competition for the top teams. Teams will be provided with hotel accomodations and meals.  Transportation to and from the finals will not be provided by Council for Economic Education or Voya Financial. 

Awards for National Finalist Teams: The top-performing teams at the National Economics Challenge will receive a Trophy along with cash prizes for each student member, and teacher coach, in the following amounts:

1st place: $1,000 | 2nd place: $500 | 3rd place: $250 | 4th place: $200

                                     
 Set up your students to compete . . . .  and have fun in the process!