K-5 Concepts

K-5

K

Scarcity: Resources are limited so people cannot have all the goods and services they want.

0.2.1

1

Scarcity
Lessons

K-5

K

Choice: Deciding between two or more possible alternative objects or actions; called an economic choice for decisions among goods, services, or resources.

0.2.1

1

2

Choice Lessons

K-5

1

Spending: Purchase of currently produced goods or services; using income to buy for consumption.

1.2.6

5

11

2

Spending
Lessons

K-5

1

Goods/Services: Objects (goods) or services (activities) that can satisfy people's wants.

1.2.1

1

2

Goods/Services
Lessons

K-5

1, 3, 4

Resources: Natural/Human/Capital: Anything used to produce goods and services; all-natural, human, and human-made aids tot he production of goods and services, also called productive resources.

1.2.2

3.2.2

4.2.2

1

Resources: Natural/Human/Capital Lessons

K-5

1, 4

Saving: Not spending all of one's income; the part of income not used for consumption.

1.2.6

10

2

3

Saving Lessons

K-5

2

Income: The amount of money (wages, salaries, profits) received in a specified period in exchange for providing labor or selling goods and services.

2.2.3

13

Income Lessons

K-5

2

Opportunity Cost: The next best alternative that must be given up when a choice is made. Not all alternatives, just the next best choice.

2.2.1

1

4

Opportunity Cost Lessons

K-5

2

Trade-offs: Giving up one thing or activity to get some of another.

2.2.1

1

2

Trade-off Lessons

K-5

2

Producers/Production: People who use resources to make goods and services also called workers. / The making of goods and services using resources.

2.2.2

1

Producers/Production Lessons

K-5

2, 3

Money/Medium of Exchange: 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 or services.

2.2.6

11

Money/Mediumof Exchange Lessons

K-5

2, 3, 4, 5

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 ir national defense.

2.2.10

3.2.10

4.2.10

5.2.10

16

1

Public Goods Lessons

K-5

3

Barter/Trade: The direct trading (barter) or any exchange (trade) of goods and services between people without the use of money.

3.2.2

5

Barter/Trade Lessons

K-5

3, 5

Markets: Any setting where buyers and sellers exchange goods, services, resources, and currencies.

3.2.1

5.2.1

3

7

Markets Lessons

K-5

4

Banks: A commercial bank is a particular type of financial institution that can accept deposits, provide checking to the public, and make loans.

4.2.3

10

Banks Lessons

K-5

4

Consumers/Consumption: People whose wants are satisfied by using goods and services/using goods/services.

4.2.1

1

Consumers/Consumption Lessons

K-5

4

Specialization: Production can often be best done by several or many people where each person specializes: does only a part of on-the-job—the part that the person is skilled to do.

4.2.12

6

Specialization Lessons

K-5

4, 5

Taxes: Required payments of any money made to governments by household and business firms.

4.2.10

5.2.10

16

Taxes Lessons

K-5

5

Economic Institutions: 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.

4.2.3

5.2.3

5.2.10

10

3

4

Economic Institutions Lessons

K-5

5

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.

3

Lesson Currently Unavailable

K-5

5

Human Capital: The skills, education, and experiences that a person embodies that are useful as a labor resource.

5.2.2

13

Human Capital Lessons

K-5

5

Financial Institutions: An institution (e.g. commercial bank, savings and loan, investment bank) that collects funds (from the public or another institution) and invests them in financial assets.

5.2.10

11

Financial Institutions Lessons

K-5

5

Interdependence: People depend on each other to provide goods and services; occurs as a result of specialization production.

5.2.12

6

Interdependence Lessons

K-5

Equilibrium Price: The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.

7

Equilibrium Price Lessons

K-5

Prices: The value of a good or service stated in money terms.

7

Prices Lessons

K-5

Supply: A schedule of how much producers are willing and able to produce and sell at each possible price during some time period.

7

8

Supply Lessons

K-5

Entrepreneurs: The human resource (person) who assume risk of organizing the other productive resources to produce goods and services.

1

14

Entrepreneurs Lessons

K-5

Profit: The difference between the total revenue and total cost of producing and selling a good or service in a business; entrepreneurial income.

2

14

Profit Lessons

K-5

Functions of Money: Money is used as or "functions as" a medium of exchange, as a store value, and as a unit of account.

11

Functions of Money Lessons

K-5

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.

7

8

Shortages/Surpluses Lesson

K-5

Division of Labor: Jobs that have many complex parts that 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

K-5

Productivity: The amount of goods or services that are produced per worker (or sometimes, per other input) or output per person.

15

Productivity Lessons

K-5

Factors of Production: The resources used to produce goods and services, which are labor, capital (machines and buildings), and land.

1

Factors of Production Lessons

K-5

Invest/Investment: Spending to increase factors of production usually more and/or better capital stock (equipment and buildings) or more education and skills (human capital).

15

Invest/Investment Lessons

K-5

Demand: A schedule of how much consumers are willing and able to buy at each possible price during some time period.

8

Demand Lessons