“…However, research has shown that children possess the ability to understand specific economics topics such as banking (Berti and Monaci 1998), money (Berti and Bombi 1981), possessions and ownership (Berti, Bombi, and Lis 1982), poverty and wealth (Burgard, Cheyne, and Jahoda 1989), prices and profits (Berti, Bombi, and Beni 1986), and savings (Sonuga-Barke and Webley 1993) by the time they reach the age of eight years (Furnham 2005). In light of this research, we now know that children are capable of understanding essential concepts about the federal budget, national debt, and budget deficit at a relatively young age and can master more complex understandings by early adolescence.…”