Topics/High School Economics Topics/National Economics Standards National Economics Standards Search for any keywords: Search TOPICS pages Search FULL SITE Search BOOKS Search ARTICLES and EconLog Advanced Site Search

Adam Smith

The 20 voluntary National Standards for Economics, made available by the NCEE, comprise an organized list of economics topics suitable for grades 1-12. The NCEE's 51 key economics concepts focus on the portion of that list common to all U.S. State requirements for high school economics. The table below shows how each of the 51 Key Concepts fits into the National Standards. Each key concept listed below links to free resources described at High School Economics Topics. If you are looking for a table showing how each of the National Standards fits into the key concepts, see The 51 Key Economics Concepts.

Basic Economics | Trade and International Economics | Microeconomics | Macroeconomics | Government and Economics Basic Economics National Standard Key Concepts Other Related Topics Standard 1: Scarcity Scarcity Goods, Services, Wants Consumers Consumer Economics Opportunity Cost Choice Productive Resources Capital Resources, Human Resources, Natural Resources, Factors of Production Human Capital Human Resources Entrepreneurs Entrepreneurship, Inventors Producers Production Standard 2: Marginal Cost/Benefit Decision Making and Cost-Benefit Analysis Decision Making, Benefit, Costs, Marginal Analysis, Cost/Benefit Analysis Profit Profit Maximization, Profit Motive Standard 3: Allocation of Goods and Services Supply   Economic Systems Command Economy, Market Economy, Traditional Economy Competition and Market Structures Market Structure Standard 4: Role of Incentives Incentives Choice Trade and International Economics National Standard Key Concepts Other Related Topics Standard 5: Gain from Trade Trade, Exchange and Interdependence Barter, Exchange, Voluntary Exchange Benefits of Trade and Comparative Advantage   Barriers to Trade   Balance of Trade and Balance of Payments Exports, Imports Foreign Currency Markets and Exchange Rates Exchange Rate Standard 6: Specialization and Trade Division of Labor and Specialization Division of Labor, Specialization, Transaction Costs Benefits of Trade and Comparative Advantage Gains from Trade, Factor Endowments Productive Resources Factors of Production, Production Economic Development (N.B. closest fit)   Real vs. Nominal Relative Price Employment and Unemployment Full Employment Microeconomics National Standard Key Concepts Other Related Topics Standard 7: Markets—Price and Quantity Determination Demand Quantity Demanded Supply Quantity Supplied Markets and Prices Markets Competition and Market Structures Market Structure Real vs. Nominal Relative Price Inflation Price Stability Price Ceilings and Floors Price Floor Foreign Currency Markets and Exchange Rates Exchange Rate Standard 8: Role of Price in Market System Demand Determinants of Demand, Law of Demand, Substitute Good Elasticity of Demand (N.B. closest fit)   Supply Determinants of Supply, Law of Supply Markets and Prices Markets Competition and Market Structures Market Structure Market Failures Non-price Determinants Price Ceilings and Floors Price Floor, Price Ceiling Real vs. Nominal Price, Relative Price Inflation Price Stability Foreign Currency Markets and Exchange Rates Exchange Rate Standard 9: Role of Competition Competition and Market Structures Market Structure Market Failures Non-price Competition, Levels of Competition Standard 10: Role of Economic Institutions Economic Institutions Legal and Social Framework, Legal Forms of Business, Legal Foundations of a Market Economy, Nonprofit Organization Property Rights   Credit Mortgage, Borrower, Banking Compound Interest Interest Employment and Unemployment Labor Union Macroeconomics National Standard Key Concepts Other Related Topics Standard 11: Role of Money Money Currency, Definition of Money, Characteristics of Money, Functions of Money Monetary Policy and the Federal Reserve Money Supply Money Management and Budgeting   Trade, Exchange and Interdependence   Standard 12: Role of Interest Rates Compound Interest Interest Rate Monetary Policy and the Federal Reserve Money Supply Real vs. Nominal   Risk and Return   Saving and Investing Savers Standard 13: Role of Resources in Determining Income Income Distribution Functional Distribution of Income, Personal Distribution of Income, Functional Distribution Aggregate Demand (AD)   Aggregate Supply (AS)   Demand Derived Demand Productive Resources Human Resources, Labor, Labor Market, Wage, Prices of Inputs, Marginal Resource, Product Standard 14: Profit and the Entrepreneur Entrepreneurs Entrepreneurship, Inventors, Innovation Decision Making and Cost-Benefit Analysis Cost/Benefit Analysis, Costs, Costs of Production Risk and Return Risk Roles of Government Taxation, Taxes Profit   Standard 15: Growth Economic Growth Intensive Growth, Standard of Living Productivity   Incentives   Compound Interest Interest Rate Opportunity Cost   Risk and Return Risk, Business Insurance Economic Security Decision Making and Cost-Benefit Analysis Trade-off, Trade-offs among goals Saving and Investing Investing, Investment, Savers, Savings Financial Markets Stock Market Technology Technological Changes Productive Resources Health and Nutrition, Physical Capital, Production, Factors of Production Human Capital   Markets and Prices Economic Efficiency Entrepreneurs Business, Businesses and Households Income Distribution Economic Equity Economic Systems Economic Freedom Government and Economics National Standard Key Concepts Other Related Topics Standard 16: Role of Government Roles of Government Taxation, Taxes, Income Tax Budget Deficits and Public Debt Bonds, Government Expenditures, Government Revenues Income Distribution Redistribution of Income, Transfer Payments Competition and Market Structures Maintaining Competition, Monopolies, Natural Monopoly GDP Income Property Rights   Market Failures Public Goods, Externalities, Positive Externality, Negative Externality, Regulation, Maintaining Regulation, Non-clearing Markets) Standard 17: Using Cost/Benefit Analysis to Evaluate Government Programs Government Failures and Public Choice Analysis Special Interest Group Barriers to Trade   Decision Making and Cost-Benefit Analysis Cost/Benefit Analysis, Benefit, Costs Standard 18: Macroeconomy — Income/Employment, Prices GDP Gross Domestic Product, Per Capita Gross Domestic Product, Potential Gross Domestic Product, Circular Flow, Macroeconomic Indicators Real vs. Nominal Nominal Gross Domestic Product, Real Gross Domestic Product Standard 19: Unemployment and Inflation Business Cycles Unemployment, Unemployment Rate Employment and Unemployment Labor Force, Unemployment, Unemployment Rate, Types of Unemployment Inflation Causes of inflation, Consumer Price Index (CPI), Deflation Standard 20: Monetary and Fiscal Policy Inflation Causes of inflation Monetary Policy and the Federal Reserve Tools of the Federal Reserve, Discount Rate, Central Banking System, Open Market Operations, Reserve Requirements, Budget Deficits and Public Debt Federal Budget, Budget, Budget Deficit, Budget Surplus, National Debt Fiscal Policy

Return to Top