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.
Fundamental Economics
- Decision Making and Cost-Benefit Analysis
Division of Labor and Specialization
Economic Institutions
Economic Systems
Incentives
Money
Opportunity Cost
Productive Resources
Productivity
Property Rights
Scarcity
Technology
Trade, Exchange and Interdependence
Macroeconomics
- Aggregate Demand
Aggregate Supply
Budget Deficits and Public Debt
Business Cycles
Economic Growth
Employment and Unemployment
Fiscal Policy
GDP
Inflation
Monetary Policy and the Federal Reserve
Real vs. Nominal
Microeconomics
- Competition and Market Structures
Consumers
Demand
Elasticity of Demand
Entrepreneurs
Government Failures/Public-Choice Analysis
Income Distribution
Market Failures
Markets and Prices
Price Ceilings and Floors
Producers
Profit
Roles of Government
Supply
International Economics
- Balance of Trade and Balance of Payments
Barriers to Trade
Benefits of Trade/Comparative Advantage
Economic Development
Foreign Currency Markets/Exchange Rates
