Economic literacy means being able to understand and use economic concepts and thought methods in order to increase their level of welfare. However it’s nearly associated with economic education, it is extremely important for both economics students and citizens, because it helps people to know the effects and constraints of fiscal and monetary policies by governments or policy makers. Also individuals may make more informed decisions about how to consume and invest, if they could use the basic economic concepts and methods. For this reason, researches are being conducted to determine economic literacy in many parts of the world -such as the USA, England, Canada, Australia and Germany. These studies reveal that economic literacy is generally at a low level and that economic literacy varies according to gender, ethnicity, age, and annual family income. This particular study aims to outline the basic principles and components of economic literacy. In this context, standard tests used to determine economic literacy will be discussed and the findings obtained based on these tests may be included.