Assessment
What Economic Concepts Do Students Need to Learn?
The following 20 concepts have been identified as crucial for students to learn by the time they graduate from high school. The first seven, the Significant Seven, can be learned at very early grades. These concepts are an integral part of the National Voluntary Content Standards in Economics, developed by the National Council on Economic Education.
The Economics Concept Poster Contest for
grades 1-8 helps students learn concepts found in The
Terrific Twelve:
The
Significant Seven
Goods and Services
Productive Resources (Factors of Production)
Scarcity
Opportunity Cost
Specialization (and Division of Labor)
Exchange (Benefits of Trade)
Interdependence
The
Terrific Twelve
The above plus:
Economic Systems (including Circular Flow Model)
Productivity
Price (Supply and Demand)
Money
Profit (Entrepreneurship and Risk)
The
Fabulous Fifteen
The above plus:
Government and Taxes
"Spillovers" and the Environment
Gross Domestic Product (GDP)
The
Tremendous Twenty
The above plus:
Monetary Policy
Inflation
Fiscal Policy
Comparative Advantage and International Trade
Exchange Rates