Economics Concepts Students Should Know
| Economics Concepts Appropriate for Grades K-5 |
| Grade |
Concept |
NE Standards |
USA Standards |
Online Lesson Links |
.
| K-5 |
Scarcity |
1.6,1.8,4.8 |
1 |
Scarcity Lessons |
| K-5 |
Choice |
1.6,1.7,1.8,4.8 |
1,2 |
Choice Lessons |
| K-5 |
Opportunity Cost |
1.6,1.7,1.8,4.8,4.9 |
1,4 |
Opportunity Cost Lessons |
| K-5 |
Goods and Services |
1.6,4.8,4.9 |
1 |
Goods and Services Lessons |
| K-5 |
Resources-Human/Natural/Capital |
1.6,1.7,4.8,4.9 |
1 |
Resources-Human/Natural/Capital Lessons |
| K-5 |
Barter/Trade |
1.6,4.8 |
5 |
Barter/Trade Lessons |
| K-5 |
Interdependence |
1.6,4.8,4.9 |
6 |
Interdependence Lessons |
| K-5 |
Specialization |
1.6,1.7,4.8,4.9 |
6 |
Specialization Lessons |
| K-5 |
Money/Exchange |
1.7,4.8,4.9 |
5,11 |
Money/Exchange Lessons |
| K-5 |
Saving |
1.7,4.9 |
10 |
Saving Lessons |
| K-5 |
Spending |
1.6,1.7,4.9 |
5, 11 |
Spending Lessons |
| K-5 |
Producers/Production |
4.8,4.9 |
1,7 |
Producers/Production Lessons |
| K-5 |
Consumers/Consumption |
1.7, 4.8 |
1,7 |
Consumers/Consumption Lessons |
| K-5 |
Markets |
1.7,4.8,4.9 |
3,7 |
Markets Lessons |
| K-5 |
Prices |
1.7,4.8 |
6,7,8 |
Prices Lessons |
| K-5 |
Trade-offs |
1.8,4.8,4.9 |
2,6,15 |
Trade-offs Lessons |
| K-5 |
Demand |
4.8 |
7,8 |
Demand Lessons |
| K-5 |
Supply |
4.8 |
7,8 |
Supply Lessons |
| K-5 |
Competition |
4.8 |
9,16 |
Competition Lessons |
| K-5 |
Equilibrium Price |
4.8 |
7 |
Equilibrium Price Lessons |
| K-5 |
Entrepreneurs |
4.2,4.3,4.8 |
1,14 |
Entrepreneurs Lessons |
| K-5 |
Profit |
4.8 |
2,14 |
Profit Lessons |
| K-5 |
Functions of Money |
1.7,4.9 |
11 |
Functions of Money Lessons |
| K-5 |
Public Goods |
4.9 |
16 |
Public Goods Lessons |
| K-5 |
Taxes |
4.8 |
14,16 |
Taxes Lessons |
| K-5 |
Shortages and Surpluses |
4.8 |
7,8 |
Shortages and Surpluses Lessons |
Summary of Concepts by Grade Level
The table below is a summary of the concepts that are appropriately taught at each grade level K-6. For more detailed descriptions by grade levels, see the K-6 goals page and the evidence of learning page.
For more details about the concepts and some teaching suggestions for each grade
level, click on the grade level at the top row or bottom row of the table. You might also be interested in the description of
student learning activities for primary and
intermediate grade levels.
|
| TABLE 2: Summary of Concepts by Grade Level |
| Economic Concepts |
Kindergarten |
First |
Second |
Third |
Fourth |
Fifth |
Sixth |
| Scarcity | new | review | review | review | review | review | review |
| Choice | new | review | review | review | review | review | review |
| Goods | new | review | review | review | review | review | review |
| Services | new | review | review | review | review | review | review |
| Opportunity Cost | - | new | review | review | review | review | review |
| Resources | - | new | review | review | review | review | review |
| Natural Resources | - | new | review | review | review | review | review |
| Human Resources | - | new | review | review | review | review | review |
| Capital Resources | - | new | review | review | review | review | review |
| Barter | - | new | review | review | review | review | review |
| Interdependence | - | - | new | review | review | review | review |
| Money | - | - | new | review | review |
review | review |
| Producers and Production | - | - | new | review |
review | review | review |
| Consumers | - | - | new | review | review | review | review |
| Specialization | - | - | new | review | review |
review | review |
| Division of Labor | - | - | - | new | review | review | review |
| Productivity | - | - | - | new | review | review | review |
| Markets | - | - | - | new | review |
review | review |
| Prices | - | - | - | new | review | review | review |
| Public Goods | - | - | - | new | review | review | review |
| Economic Systems | - | - | - | - | new | review | review |
| Market Economy | - | - | - | - | new | review | review |
| Circular Flow | - | - | - | - | new | review | review |
| Trade/Exchange | - | - | - | - | new | review | review |
| Factors of Production | - | - | - | - | - |
new | review |
| Investment in Capital Res. | - | - | - | - | - |
new | review |
| Investment in Human Res. | - | - | - | - | - |
new | review |
| Trade-offs | - | - | - | - | - |
new | review |
| Demand | - | - | - | - | - |
new | review |
| Supply | - | - | - | - | - | new |
review |
| Equilibrium Price | - | - | - | - | - | new | review |
| Competition | - | - | - | - | - | - | new |
| Cost of Production | - | - | - | - | - | - | new |
| Profit | - | - | - | - | - | - | new |
| Entrepreneurs | - | - | - | - | - | - | new |
| Incentives | - | - | - | - | - | - | new |
| Taxes | - | - | - | - | - | - | new |
| Income Tax | - | - | - | - | - | - | new |
| Property Tax | - | - | - | - | - | - | new |
| Sales Tax | - | - | - | - | - | - | new |
| Unemployment | - | - | - | - | - | - | new |
| Shortages | - | - | - | - | - | - | new |
| Surpluses | - | - | - | - | - | - | new |
| Economic Concepts |
Kindergarten |
First |
Second |
Third |
Fourth |
Fifth |
Sixth |
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