Economic understanding in Upper Austria: Schools rely on new brochure!

The Upper Austria Business Location Initiative (IWS) has taken a significant step towards improving economic knowledge in Upper Austria with the publication of the brochure “Economy – briefly explained”. Wolfgang Billinger, director of the Maschinenbau-HTL in Ried, led the handover of 250 copies. “With this teaching aid we want to make a concrete contribution to better understanding and explaining economic terms,” he said. FACC AG was significantly involved in the implementation of the brochure in order to provide technology students in particular with the necessary knowledge, as Andreas Perotti, Head of Marketing & Communications at the company, emphasized. The brochure was created in cooperation with the Upper Austrian Education Directorate and is offered free of charge in schools.

A current study by the Linz research institute Spectra shows that the population's knowledge of common economic terms has improved, but still remains at a level that can be improved. With an average of 6.8 across 23 terms in 2023, compared to 5.2 in 2014, progress is evident. Nevertheless, basic terms such as “profit”, “export/import” or “equity” can only be explained well by less than half of those surveyed, and critical terms such as “corporate tax” are only understood by 16 percent, as the IWS reports. This highlights the urgency of raising awareness of economic issues among young people. “We have to start early to get young people excited about the world of business,” says education officer Christine Haberlander.

Positive perspectives through education

The brochure not only serves as teaching material for schools but also as an important resource for interested private individuals. The Ministry of Education's policy decree on economic education emphasizes that economic education should be treated across disciplines in order to prepare students for their role as informed economic citizens. Thus, the brochure “Economy - Explained” will be an effective tool to close the knowledge gaps and enrich lessons. Over 2,100 copies have already been pre-ordered by teachers, which demonstrates the high demand that IWS concludes.