Students Win SC Economics Challenge Competition

April 1, 2015

The South Carolina Governor's School for Science & Mathematics (GSSM) celebrates 11 students who were ranked at the top of their respective divisions the SC Economics Challenge. The challenge was held online March 9-25, 2015, and was hosted by South Carolina Council on Economic Education, with support from the National Council on Economic Education.

The SC Economics Challenge is an opportunity for students to demonstrate their knowledge of Economic Literacy by competing with other students from across the state in written and "Quiz Bowl" examinations. Student participants receive certificates of recognition, awards and accolades.

Students and their teacher select the appropriate division in which they will compete. The "Adam Smith" Division is restricted to students enrolled in courses labeled AP, IB, honors, differentiated, or college level. Any economics course as a two-semester course also falls in this division. The "David Ricardo" Division is restricted to students enrolled in one-semester or less high school course not labeled as AP, IB, honors, differentiated, or college level.

In the Adam Smith Division, there were 43 SC teams that competed in the Economics Challenge. GSSM’s team, “The Dismal Scientists”, finished in first place.

Members of “The Dismal Scientists” are Joel Fonseca, son of Dr. Manuel and Lynn Fonseca of Florence; Jay Gohil, son of Kishorsinh & Guita Gohil of Longs; Tommy Berrigan, son of Tom and Paige Berrigan of Hilton Head Island; and Mario Krussig, son of Alois and Karin Krussig of Spartanburg.

In the David Ricardo Division, 15 teams competed. GSSM’s “The Factors of Production” team finished in first place and “The Moral Hazards” were ranked in second place.

Members of “The Factors of Production” are Chanon Amphan, son of Chon Amphan & Dee Tan of Florence; Justin Smith, son of Randy and Cheryl Smith from Summerville; and John Mathai, son of Rob & Renee Mathai of Beaufort.

Members of “The Moral Hazards” are Allie Young, daughter of Dr. Charles & Marilyn Tatum of Florence; Coby Garistan Jeffcoat, son of Joseph S. & Stephanie Crawley Jeffcoat, Jr. of Orangeburg; Shawn J. Patel, son of Jayesh & Mina J. Patel of Goose Creek; and Andy Hsu, son of Shu-Hao Hsu and Hsiu-Ying Huang of Florence.  

Teams of three or four students competed by having each member complete a 30 question rapid fire exam consisting of macro, micro, and international questions. Each student was given 35 minutes to take the exam and all team members were required to complete the exam within three hours.

All three of the GSSM teams have been invited to the State Finals, which will be held from 10 a.m. to 2:00 p.m. on April 11, 2015 at the Darla Moore School of Business.

The team was sponsored by the BlueCross BlueShield Economics & Finance Institute, which was founded in 2010 to incorporate economics and entrepreneurship education with GSSM’s STEM-focused curriculum. The Institute features six-week summer internships in economics and entrepreneurship; school-wide team-building and design thinking workshops; advanced courses in entrepreneurship, accounting, finance and economics; and tech treks to Silicon Valley, New York and Boston, as well as across South Carolina.

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