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Economics Concepts Appropriate for Grades 6-8, and 9-12

Glossary

 
Level NE Grade Concept Nebr
Standards
US Econ
Standards
Financial Lit
Standards
Online Lesson Links
6-8 8 Economic Systems
Way in which a society decides and organizes production, distribution and consumption of goods and services of an economy, usually described as traditional, market, command, and mixed economies.
8.2.5 3 Economic Systems Lessons
6-8 8 Profit
The difference between the total revenue and total cost of producintg and selling a good or service in a business; entrepreneurial income.
8.2.1 14 1 Profit Lessons
6-8 8 Entrepreneurs
The human resource (person) who assumes the risk of organizing the other productive resources to produce goods and services.
8.2.1 1,14 Entrepreneurs Lessons
6-8 8 Equilibrium Price
The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
8.2.2 7 Equilibrium Price Lessons
6-8 8 Public Goods
Goods and services that are provided by the government. They are often goods that individuals don't buy enough of, but provide everyone benefits if widely consumed, such as education or national defense.
8.2.4, 8.2.10 16 Public Goods Lessons
6-8 8 Private Property
Land and other belongings legally owned by a person or group which can be kept for their exclusive use.
8.2.4 10 Private Property Lessons
6-8 8 Supply
A schedule of how much producers are willing and able to produce and sell at each possible price during some time period.
8.2.2 8 Supply Lessons
6-8 8 Consumers/Consumption
People whose wants are satisfied by using goods and services/using goods and services.
8.2.1 11 Consumers/Consumption Lessons
6-8 8 Demand
A schedule of how much consumers are willing and able to buy at each possible price during some time period
8.2.2 8 Demand Lessons
6-8 8 International Trade
Trading, buying and selling, between and among countries.
8.2.12 5 International Trade Lessons
6-8 8 Prices
The value of a good or service stated in money terms.
8.2.2 7 Prices Lessons
6-8 8 Producers/Production
People who use resources to make goods and services, also called workers./ The making of goods and services using resources.
8.2.1 13 Producers/Production Lessons
6-8 8 Productivity
The ratio of output (goods and/or services) to input, or the amount of output produced per unit of productive resources over a period of time.
8.2.1 15 Productivity Lessons
6-8 8 Markets
Any setting where buyers and sellers exchange goods, services, resources, and currencies.
8.2.1 7 Markets Lessons
6-8 8 Inflation
A persistent rise in overall prices.
8.2.3 11,19 Inflation Lessons
6-8 8 Economic Institution
Customs, behaviors, or organizations that are commonly found in an economy. Often used to refer to specific agencies or organizations that have a particular economic objective.
8.2.3 10 3, 4 Economic Institution Lessons
6-8 8 Economic Indicators
Measures constructed to show where the overall economy has been, is now, or is going.
8.2.3 18 Economic Indicators Lessons
6-8 8 Economic Goals
The objectives that economies pursue, such as full employment, stability, economic growth, and efficiency.
8.2.5 3 Economic Goals Lessons
6-8 8 Income Distribution
The way national income is divided among households in the economy.
8.2.10 3,13,16 Income Distribution Lessons
6-8 8 Taxes
Required payments of money made to governments by households and business firms.
8.2.11 16 1 Taxes Lessons
6-8 8 Specialization
Production can often be best done by several or many people where each person specializes: does only a part of the job--the part that the person is skilled to do.
8.2.12 6 Specialization Lessons
6-8 8 Exchange Rate
The price of the currency of one country in terms of another currency, e.g dollars per euro.
8.2.13 5, 7 Exchange Rate Lessons
6-8 8 Productivity
The amount of goods or services that are produced per worker (or sometimes, per other input), or output per person.
8.2.1 13, 15 Productivity Lessons
6-8 Factors of Production
Resources used by businesses to produce goods and services.
1,3,6,14 Factors of Production Lessons
6-8 Scarcity
Resources are limited, so people cannot have all the goods and services they want.
1 Scarcity Lessons
6-8 Choice
Deciding between two or more possible alternative objects or actions; called an economic choice for decisions among goods, services, or resources.
1,2 Choice Lessons
6-8 Spending
Purchase of currently produced goods or services; using income to buy for consumption.
7,11 Spending Lessons
6-8 Opportunity Cost
The next best alternative that must be given up when a choice is made. Not all alternatives, just the next best choice.
1,4 Opportunity Cost Lessons
6-8 Unemployment
The situation in which people are willing and able to work at current wages but cannot find jobs.
19 Unemployment Lessons
6-8 Monetary Policy
Policy done by a central bank to support the economy, relating to the supply of money, credit, and interest rates.
20 Monetary Policy Lessons
6-8 Fiscal Policy
Policy done by a central spending authority of the government to support the economy, relating to spending and taxes.
20 Fiscal Policy Lessons
6-8 Federal Reserve
The central bank of the United States that makes policy for the money supply, credit, and interest rates.
20 Federal Reserve Lessons
6-8 Division of Labor
Jobs that have many complex parts can usually be completed cheaper and faster by a number of people each performing a small number of specialized tasks than by one person trying to do all of the tasks.
6 Division of Labor Lessons
6-8 Economic Growth
Percentage increases of some overall measure of the economy, such as GDP.
15,18 Economic Growth Lessons
6-8 Trade-offs
Giving up one thing or activity to get some of another.
2,6,15 Trade-offs Lessons
6-8 Competition
Rivalry among sellers to sell (supply) goods and services, or among buyers to buy (acquire) a service or good.
9 Competition Lessons
6-8 Circular Flow
A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.
9,13,18 Circular Flow Lessons
6-8 Incentives
Things that motivate and influence the behavior of households and businesses. Prices, profits, and losses act as incentives for participants to take action in a market economy.
4,15 Incentives Lessons

Concepts for 9-12

Essays for teachers and students, six major concepts all students should know:
Economics Concepts for HS Graduates
Level NE Grade Concept Nebr
Standards
US Econ
Standards
Financial Lit
Standards
Online Lesson Links
9-12 12 Monetary Policy
Policy done by a central bank to support the economy, relating to the supply of money, credit, and interest rates.
12.2.3 20 Monetary Policy Lessons
9-12 12 Unemployment
The situation in which people are willing and able to work at current wages but cannot find jobs.
12.2.11 18, 19 Unemployment Lessons
9-12 12 Factors of Production
The resources used to produce goods and services, which are labor, capital (machines and buildings), and land.
12.2.1 1 Factors of Production Lessons
9-12 12 Circular Flow
A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.
12.2.1 9 Circular Flow Lessons
9-12 12 Economic Systems
Way in which a society decides and organizes production, distribution and consumption of goods and services of an economy, usually described as traditional, market, command, and mixed economies.
12.2.5, 12.2.10 3 Economic Systems Lessons
9-12 12 Role of Government
The economic actions and results of government activities.
12.2.10 16 Role of Government Lessons
9-12 12 Taxes
Required payments of money made to governments by households and business firms.
12.2.10, 12.2.11 16 Taxes Lessons
9-12 12 Specialization
Production can often be best done by several or many people where each person specializes: does only a part of the job--the part that the person is skilled to do.
12.2.12 6 Specialization Lessons
9-12 12 Comparative Advantage
Describes a basis for specialization and trade between people or countries based on differences in their resources distribution.
12.2.12 6 Comparative Advantage Lessons
9-12 12 Productivity
The ratio of output (goods and/or services) to input, or the amount of output produced per unit of productive resources over a period of time.
12.2.1 15 Productivity Lessons
9-12 12 Federal Reserve
The central bank of the United States that makes policy for the money supply, credit, and interest rates.
12.2.3 20 Federal Reserve Lessons
9-12 12 Market Failures
Situations in which the outcome of the market is not efficient from society's point of view, e.g., the market participants might have no market incentives to avoid polluting the environment.
12.2.10 16 Market Failures Lessons
9-12 12 Economic Institution
Customs, behaviors, or organizations that are commonly found in an economy. Often used to refer to specific agencies or organizations that have a particular economic objective.
12.2.3, 12.2.4 10 2 Economic Institution Lessons
9-12 12 Economic Indicators
Measures constructed to show where the overall economy has been, is now, or is going.
12.2.1, 12.2.3, 12.2.5 18 Economic Indicators Lessons
9-12 12 Fiscal Policy
Policy done by a central spending authority of the government to support the economy, relating to spending and taxes.
12.2.11 20 Fiscal Policy Lessons
9-12 12 Credit
The purchase of something using a promise to pay in the future.
12.2.7 12 4 Credit Lessons
9-12 12 Profit
The difference between the total revenue and total cost of producintg and selling a good or service in a business; entrepreneurial income.
12.2.1 14 Profit Lessons
9-12 12 Human Capital
The skills, talents, education, and experiences that a person embodies that are useful as a labor resource.
12.2.6 1 1 Human Capital Lessons
9-12 12 Cost-Benefit Analysis
Analysis of the comparison of the cost of an action with the benefits of that action.
12.2.6 2, 17 1, 2 Cost-Benefit Analysis Lessons
9-12 12 Decision-making
Making an economic decision by comparing the costs and benefits of all of the alternatives.
12.2.6 2 1 Decision-making Lessons
9-12 12 Incentives
Things that motivate and influence the behavior of households and businesses. Prices, profits, and losses act as incentives for participants to take action in a market economy.
12.2.6 4 Incentives Lessons
9-12 12 Savings
Not spending all of one's income; the part of income not used for consumption.
12.2.7, 12.2.9 3 3 Savings Lessons
9-12 12 Interest
The amount charged by a lender to a borrower for the use of money for a specified time.
12.2.8 12 3 Interest Lessons
9-12 12 Equilibrium Price
The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
12.2.2 7 Equilibrium Price Lessons
9-12 12 Budgeting
A list of estimated expenditures for a given period along with ways to pay for them.
12.2.7 2 2 Budgeting Lessons
9-12 12 Demand
A schedule of how much consumers are willing and able to buy at each possible price during some time period
12.2.2 8 Demand Lessons
9-12 12 Private Property/Property Rights
Land and other belongings legally owned by a person or group which can be kept for their exclusive use.
12.2.4 10, 16 Private Property/Property Rights Lessons
9-12 12 Risk Management
The identification, assessment, and prioritization of risks of financial assets in a portfolio.
12.2.9 4, 5 Risk Management Lessons
9-12 12 Markets
Any setting where buyers and sellers exchange goods, services, resources, and currencies.
12.2.1 7 Markets Lessons
9-12 12 International Trade
Trading, buying and selling, between and among countries.
12.2.12 5 International Trade Lessons
9-12 12 Competition
Rivalry among sellers to sell (supply) goods and services, or among buyers to buy (acquire) a service or good.
12.2.2 9 Competition Lessons
9-12 12 Benefits of Trade
The net benefits to entities such as countries from open voluntary trading with each other.
12.2.12 5 Benefits of Trade Lessons
9-12 12 Entrepreneurs
The human resource (person) who assumes the risk of organizing the other productive resources to produce goods and services.
12.2.1 14 Entrepreneurs Lessons
9-12 12 Barriers to Trade
Barriers countries set up for international trade, usually on imports, such as tariffs, excise taxes, and quotas.
12.2.12 5, 17 Barriers to Trade Lessons
9-12 12 Supply
A schedule of how much producers are willing and able to produce and sell at each possible price during some time period.
12.2.2 8 Supply Lessons
9-12 Resources-Natural/Human/Capital
Anything used to produce goods and services; all natural, human and human-made aids to the production of goods and services, also called productive resources.
1,3 Resources-Natural/Human/Capital Lessons
9-12 Barter/Trade
The direct trading (barter) or any exchange (trade) of goods and services between people without the use of money.
5 Barter/Trade Lessons
9-12 Factors of Production
Resources used by businesses to produce goods and services.
1,3,6,14 Factors of Production Lessons
9-12 Producers/Production
People who use resources to make goods and services, also called workers./ The making of goods and services using resources.
1,7 Producers/Production Lessons
9-12 Opportunity Cost
The next best alternative that must be given up when a choice is made. Not all alternatives, just the next best choice.
1,4 Opportunity Cost Lessons
9-12 Interdependence
People depend on each other to provide goods and services; occurs as a result of specialization of production.
6 Interdependence Lessons
9-12 Scarcity
Resources are limited, so people cannot have all the goods and services they want.
1 Scarcity Lessons
9-12 Choice
Deciding between two or more possible alternative objects or actions; called an economic choice for decisions among goods, services, or resources.
1,2 Choice Lessons
9-12 Consumers/Consumption
People whose wants are satisfied by using goods and services/using goods and services.
1,7 Consumers/Consumption Lessons
9-12 Income Distribution
The way national income is divided among households in the economy.
13,16 Income Distribution Lessons
9-12 Economic Goals
The objectives that economies pursue, such as full employment, stability, economic growth, and efficiency.
10,15,16 Economic Goals Lessons
9-12 Economic Growth
Percentage increases of some overall measure of the economy, such as GDP.
15,18 Economic Growth Lessons
9-12 Incentives
Things that motivate and influence the behavior of households and businesses. Prices, profits, and losses act as incentives for participants to take action in a market economy.
4,15 Incentives Lessons
9-12 Division of Labor
Jobs that have many complex parts can usually be completed cheaper and faster by a number of people each performing a small number of specialized tasks than by one person trying to do all of the tasks.
6 Division of Labor Lessons
9-12 Productivity
The amount of goods or services that are produced per worker (or sometimes, per other input), or output per person.
15 Productivity Lessons
9-12 Trade-offs
Giving up one thing or activity to get some of another.
2,6,15 Trade-offs Lessons
9-12 Inflation
A persistent rise in overall prices.
19,20 Inflation Lessons
9-12 Functions of Money
Money is used as or "functions as" a medium of exchange, as a store of value, and as a unit of account.
11 Functions of Money Lessons
9-12 Shortages/Surpluses
The situation resulting when the quantity demanded exceeds (shortage) or is less than (shortage) the quantity supplied at the current price of a good, service, or resource.
7,8 Shortages/Surpluses Lessons
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