The 51 Key Economics Concepts

Introduction

The Council for Economic Education (CEE) 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.

The 51 Key Concepts

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