Concepts
| Level | NE Grade | Concept | NE Standard(s) | US Econ Standard(s) | Financial Lit Standard(s) | Online Lesson |
|---|---|---|---|---|---|---|
|
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. |
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|
9-12 |
12 |
Unemployment: The situation in which people are willing and able to work at current wages but cannot find jobs. |
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|
9-12 |
12 |
Factors of Production: The resources used to produce goods and services, which are labor, capital (machines and buildings), and land. |
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|
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. |
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|
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. |
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|
9-12 |
12 |
Role of Government: The economic actions and results of government activities. |
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|
9-12 |
12 |
Taxes: Required payments of money made to governments by households and business firms. |
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|
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. |
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|
9-12 |
12 |
Comparative Advantage: Describes a basis for specialization and trade between people or countries based on differences in their resources distribution. |
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|
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. |
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|
9-12 |
12 |
Federal Reserve: The central bank of the United States that makes policy for the money supply, credit, and interest rates. |
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|
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. |
Lessons Currently Unavailable |
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|
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. |
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|
9-12 |
12 |
Economic Indicators: Measures constructed to show where the overall economy has been, is now, or is going. |
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|
9-12 |
12 |
Fiscal Policy: Policy done by a central spending authority of the government to support the economy, relating to spending and taxes. |
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|
9-12 |
12 |
Credit: The purchase of something using a promise to pay in the future. |
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|
9-12 |
12 |
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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|
9-12 |
12 |
Human Capital: The skills, talents, education, and experiences that a person embodies that are useful as a labor resource. |
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|
9-12 |
12 |
Cost-Benefit Analysis: Analysis of the comparison of the cost of an action with the benefits of that action. |
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|
9-12 |
12 |
Decision-making: Making an economic decision by comparing the costs and benefits of all of the alternatives. |
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|
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. |
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|
9-12 |
12 |
Savings: Not spending all of one's income; the part of income not used for consumption. |
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|
9-12 |
12 |
Interest: The amount charged by a lender to a borrower for the use of money for a specified time. |
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|
9-12 |
12 |
Equilibrium Price: The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers. |
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|
9-12 |
12 |
Budgeting: A list of estimated expenditures for a given period along with ways to pay for them. |
Lessons Currently Unavailable |
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|
9-12 |
12 |
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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|
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. |
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|
9-12 |
12 |
Risk Management: The identification, assessment, and prioritization of risks of financial assets in a portfolio. |
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|
9-12 |
12 |
Markets: Any setting where buyers and sellers exchange goods, services, resources, and currencies. |
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|
9-12 |
12 |
International Trade: Trading, buying and selling, between and among countries. |
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|
9-12 |
12 |
Competition: Rivalry among sellers to sell (supply) goods and services, or among buyers to buy (acquire) a service or good. |
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|
9-12 |
12 |
Benefits of Trade: The net benefits to entities such as countries from open voluntary trading with each other. |
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|
9-12 |
12 |
Entrepreneurs: The human resource (person) who assumes the risk of organizing the other productive resources to produce goods and services. |
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|
9-12 |
12 |
Barriers to Trade: Barriers countries set up for international trade, usually on imports, such as tariffs, excise taxes, and quotas. |
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|
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. |
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|
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 |
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|
9-12 |
Barter/Trade: The direct trading (barter) or any exchange (trade) of goods and services between people without the use of money. |
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|
9-12 |
Factors of Production: The resources used to produce goods and services, which are labor, capital (machines and buildings), and land. |
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|
9-12 |
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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|
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. |
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|
9-12 |
Interdependence: People depend on each other to provide goods and services; occurs as a result of specialization of production. |
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|
9-12 |
Scarcity: Resources are limited, so people cannot have all the goods and services they want. |
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|
9-12 |
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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|
9-12 |
Consumers/Consumption: People whose wants are satisfied by using goods and services/using goods and services. |
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|
9-12 |
Income Distribution: The way national income is divided among households in the economy. |
Lessons Currently Unavailable |
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|
9-12 |
Economic Goals: The objectives that economies pursue, such as full employment, stability, economic growth, and efficiency. |
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|
9-12 |
Economic Growth: Percentage increases of some overall measure of the economy, such as GDP. |
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|
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. |
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|
9-12 |
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 an assembly line. |
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|
9-12 |
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. |
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|
9-12 |
Trade-offs: Giving up one thing to get some of another. |
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|
9-12 |
Inflation: A persistent rise in overall prices. |
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|
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. |
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|
9-12 |
Shortages/Surpluses: The situation resulting when the quantity demanded exceeds (surplus) or is less than (shortage) the quantity supplied at the current price of a good, service, or resource. |
Lessons Currently Unavailable |