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Include economics in fourth grade NE history.


Economics Concepts K-6

A table of economics concepts appropriate for each grade level.


Lessons by Concept

Lessons for each concept to help you teach economics.

Concepts Glossary

Definitions for teachers.

Concepts/Lessons for Textbook

The Nebraska Adventure: concepts and lessons by chapter.
 
NE Historical Society Links

Online photos to help you teach about Nebraska.
 
External Websites Links

Links to other resources to help you build a great lesson.


TABLE 2: Summary of Concepts by Grade Level
      Roll over any concept for a quick definition, or select it for a complete glossary.
Economic Concepts Kindergarten First Second Third Fourth Fifth Sixth
Scarcity
Resources are limited, so people cannot have all the goods and services they want.
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Choice
Deciding between two or more possible alternative objects or actions; called an economic choice for decisions among goods, services, or resources.
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Goods
Objects that can satisfy people's wants and can be held or touched.
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Services
Activities that can satisfy people’s wants.
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Opportunity Cost
The next best alternative that must be given up when a choice is made. Not all alternatives, just the next best choice.
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Resources
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.
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Natural Resources
Gifts of nature that can be used to create goods or services, and are present without human intervention. Land is the main natural resource.
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Human Resources (labor)
The quantity and quality of human effort directed toward producing goods and services (also called labor).
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Capital Resources (capital goods)
Goods made by people and used to produce other goods and services (machines and factories).
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Barter
The direct trading of goods and services between people without the use of money.
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Interdependence
People depend on each other to provide goods and services; occurs as a result of specialization of production.
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Money
A medium of exchange, which is a good (like shells or metal coins or pieces of paper) that can be used to buy other goods and services.
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Producers / Production
People who use resources to make goods and services, also called workers./ The making of goods and services using resources.
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Consumers
People whose wants are satisfied by using goods and services.
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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.
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Division of Labor
The process whereby workers divide up a job, so each performs only a single task or very few steps of a major production task, as when working on a assembly line.
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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.
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Markets
Any setting where buyers and sellers exchange goods, services, resources, and currencies.
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Prices
The value of a good or service stated in money terms.
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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.
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Economic Systems
The way a society organizes the production, consumption, and distribution of goods and services.
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Market Economy
An economic system where most goods and services are exchanged through private transactions by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets.
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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.
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Trade/Exchange
Swapping goods and services with people for other goods and services or for money; buying or selling or bartering. When people trade/exchange voluntarily, they expect to be better off as a result.
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Factors of Production
Resources used by businesses to produce goods and services.
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Trade-offs
Giving up one thing or activity to get some of another.
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Demand
A schedule of how much consumers are willing and able to buy at each possible price during some time period.
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Supply
A schedule of how much producers are willing and able to produce and sell at each possible price during some time period.
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Equilibrium Price
The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
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Competition
Rivalry among sellers to sell (supply) goods and services, or among buyers to buy (acquire) a service or good.
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Cost of Production
The total paid for all resources used by a business in producing goods and services. The owners of the business pay for resources and the owners of the resources receive the payment.  
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Profit
The difference between the total revenue and total cost of producintg and selling a good or service in a business; entrepreneurial income.
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Entrepreneurs
The human resource (person) who assumes the risk of organizing the other productive resources to produce goods and services.
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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.
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Taxes
Required payments of money made to governments by households and business firms.
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Income Tax
Taxes paid by households and business firms based on the amount of income they receive.
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Property Tax
Taxes paid by households and businesses based on the value of land and buildings they own.
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Sales Tax
Taxes paid based on the value of goods and services people buy.
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Unemployment
The situation in which people are willing and able to work at current wages but cannot find jobs.
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Shortages
The situation resulting when the quantity demanded exceeds the quantity supplied at the current price of a good, service, or resource.
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Surpluses
The situation resulting when the quantity supplied exceeds the quantity demanded at the current price of a good, service, or resource.
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Economic Concepts Kindergarten First Second Third Fourth Fifth Sixth

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Contact us with suggestions: webmaster, ksosin@unomaha.edu This website is partially funded by an 2009 Excellence in Economic Education grant from the Council on Economic Education and the UNO College of Business Administration. We also thank the NE Department of Education and our focus group of teachers.

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