Concepts
|
Level |
NE Grade |
Concept |
NE Standard(s) |
US Econ Standard(s) |
Financial Lit Standard(s) |
Online Lesson |
|---|---|---|---|---|---|---|
|
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. |
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|
6-8 |
8 |
Profit: The difference between the total revenue and total cost of producing and selling a good or service in a business; entrepreneurial income. |
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|
6-8 |
8 |
Entrepreneurs: The human resource (person) who assumes the risk of organizing the other productive resources to produce goods and services. |
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|
6-8 |
8 |
Equilibrium Price: The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers. |
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|
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. |
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|
6-8 |
8 |
Private Property: Land and other belongings legally owned by a person or group which can be kept for their exclusive use. |
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|
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. |
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|
6-8 |
8 |
Consumers/Consumption: People whose wants are satisfied by using goods and services/using goods and services. |
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|
6-8 |
8 |
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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|
6-8 |
8 |
International Trade: Trading, buying and selling, between and among countries. |
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|
6-8 |
8 |
Prices: The value of a good or service stated in money terms. |
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|
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. |
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|
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. |
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|
6-8 |
8 |
Markets: Any setting where buyers and sellers exchange goods, services, resources, and currencies. |
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|
6-8 |
8 |
Inflation: A persistent rise in overall prices. |
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|
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. |
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|
6-8 |
8 |
Economic Indicators: Measures constructed to show where the overall economy has been, is now, or is going. |
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|
6-8 |
8 |
Economic Goals: The objectives that economies pursue, such as full employment, stability, economic growth, and efficiency. |
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|
6-8 |
8 |
Income Distribution: The way national income is divided among households in the economy. |
Income Distribution Lessons |
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|
6-8 |
8 |
Taxes: Required payments of money made to governments by households and business firms. |
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|
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. |
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|
6-8 |
8 |
Exchange Rate: The price of the currency of one country in terms of another currency, e.g dollars per euro. |
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|
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. |
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|
6-8 |
Factors of Production: The resources used to produce goods and services, which are labor, capital (machines and buildings), and land. |
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|
6-8 |
Scarcity: Resources are limited, so people cannot have all the goods and services they want. |
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|
6-8 |
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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|
6-8 |
Spending: Purchase of currently produced goods or services; using income to buy for consumption. |
No Lessons |
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|
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. |
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|
6-8 |
Unemployment: The situation in which people are willing and able to work at current wages but cannot find jobs. |
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|
6-8 |
Monetary Policy: Policy done by a central bank to support the economy, relating to the supply of money, credit, and interest rates. |
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|
6-8 |
Fiscal Policy: Policy done by a central spending authority of the government to support the economy, relating to spending and taxes. |
Fiscal Policy Lessons |
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|
6-8 |
Federal Reserve: The central bank of the United States that makes policy for the money supply, credit, and interest rates. |
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|
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. |
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|
6-8 |
Economic Growth: Percentage increases of some overall measure of the economy, such as GDP. |
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|
6-8 |
Trade-offs: Giving up one thing or activity to get some of another. |
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|
6-8 |
Competition: Rivalry among sellers to sell (supply) goods and services, or among buyers to buy (acquire) a service or good. |
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|
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. |
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|
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. |