Simplify the following text for a Grade 11 native English-speaking person.
Original: Born in Yokosuka , Kanagawa prefecture on January 8 , 1942 , Koizumi was educated at Yokosuka High School and Keio University , where he studied economics .
Simplified: Born in Yokosuka on 8 January , 1942 , Koizumi was taught at Yokosuka High School and Keio University , where he studied economics ( how you make and spend money ) .