Table 2: Summary of Concepts by Grade Level
Full glossary of concepts with definitions
Concept | K | 1 | 2 | 3 | 4 | 5 | 6 |
---|---|---|---|---|---|---|---|
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 (Labor) |
New | Review | Review | Review | Review | Review | |
Capital Resources (Capital Goods) |
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/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 | |||||
Trade-offs | New | Review | |||||
Demand | New | Review | |||||
Supply | New | Review | |||||
Equillibrium Price | New | Review | |||||
Competition | New | ||||||
Cost of Production | New | ||||||
Profit | New | ||||||
Entrpreneurs | New | ||||||
Incentives | New | ||||||
Taxes | New | ||||||
Income Tax | New | ||||||
Property Tax | New | ||||||
Sales Tax | New | ||||||
Unemploment | New | ||||||
Shortages | New | ||||||
Surpluses | New |