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Adam Smith

The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE's 20 voluntary National Standards for Economics. Each key concept listed below links to free resources described at High School Economics Topics. The concepts do not have to be pursued in order. If you are seeking an order for classroom use or self-study, we suggest the table at National Economics Standards, showing how each of the 51 Key Concepts fits into the National Standards.

Fundamental Economics | Macroeconomics | Microeconomics | International Economics | Personal Finance Economics Fundamental Economics Key Concept Related National Standards 1. Decision Making and Cost-Benefit Analysis Standard 2, Standard 14, Standard 15, Standard 17 2. Division of Labor and Specialization Standard 6 3. Economic Institutions Standard 10 4. Economic Systems Standard 3, Standard 15 5. Incentives Standard 4, Standard 15, 6. Money Standard 11 7. Opportunity Cost Standard 1, Standard 15 8. Productive Resources Standard 1, Standard 6, Standard 13, Standard 15 9. Productivity Standard 15 10. Property Rights Standard 10, Standard 16 11. Scarcity Standard 1 12. Technology Standard 15 13. Trade, Exchange and Interdependence Standard 5, Standard 11 Macroeconomics Key Concept Related National Standards 14. Aggregate Demand Standard 13 15. Aggregate Supply Standard 13 16. Budget Deficits and Public Debt Standard 16, Standard 20 17. Business Cycles Standard 19 18. Economic Growth Standard 15 19. Employment and Unemployment Standard 6, Standard 10, Standard 18, Standard 19 20. Fiscal Policy Standard 20 21. GDP Standard 16, Standard 18 22. Inflation Standard 7, Standard 8, Standard 19, Standard 20 23. Monetary Policy and the Federal Reserve Standard 11, Standard 12, Standard 20 24. Real vs. Nominal Standard 6, Standard 7, Standard 8, Standard 12, Standard 18 Microeconomics Key Concept Related National Standards 25. Competition and Market Structures Standard 3, Standard 7, Standard 8, Standard 9, Standard 16, 26. Consumers Standard 1 27. Demand Standard 7, Standard 8, Standard 13 28. Elasticity of Demand Standard 8 (N.B. closest fit) 29. Entrepreneurs Standard 1, Standard 14, Standard 15 30. Government Failures/Public-Choice Analysis Standard 17 31. Income Distribution Standard 13, Standard 15, Standard 16 32. Market Failures Standard 8, Standard 9, Standard 16 33. Markets and Prices Standard 7, Standard 8, Standard 15 34. Price Ceilings and Floors Standard 7, Standard 8 35. Producers Standard 1 36. Profit Standard 2, Standard 14 37. Roles of Government Standard 14, Standard 16 38. Supply Standard 3, Standard 7, Standard 8 International Economics Key Concept Related National Standards 39. Balance of Trade and Balance of Payments Standard 5 40. Barriers to Trade Standard 5, Standard 17 41. Benefits of Trade/Comparative Advantage Standard 5, Standard 6 42. Economic Development Standard 6 (N.B. closest fit) 43. Foreign Currency Markets/Exchange Rates Standard 5, Standard 7, Standard 8 Personal Finance Economics Key Concept Related National Standards 44. Compound Interest Standard 10, Standard 12, Standard 15 45. Credit Standard 10 46. Financial Markets Standard 15 47. Human Capital Standard 1, Standard 15 48. Insurance Standard 15 49. Money Management/Budgeting Standard 11 50. Risk and Return Standard 12, Standard 14, Standard 15 51. Saving and Investing Standard 12, Standard 15

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