Economics Concepts for K-6
Table 2: Summary of Concepts by Grade Level
Full glossary of concepts with definitions
| Concept | K | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|---|
| Scarcity | New | Review | Review | Review | Review | Review | Review |
| Choice | New | Review | Review | Review | Review | Review | Review |
| Goods | New | Review | Review | Review | Review | Review | Review |
| Services | New | Review | Review | Review | Review | Review | Review |
| Opportunity Cost | New | Review | Review | Review | Review | Review | |
| Resources | New | Review | Review | Review | Review | Review | |
| Natural Resources | New | Review | Review | Review | Review | Review | |
| Human Resources (Labor) |
New | Review | Review | Review | Review | Review | |
| Capital Resources (Capital Goods) |
New | Review | Review | Review | Review | Review | |
| Barter | New | Review | Review | Review | Review | Review | |
| Interdependence | New | Review | Review | Review | Review | ||
| Money | New | Review | Review | Review | Review | ||
| Producers/Production | New | Review | Review | Review | Review | ||
| Consumers | New | Review | Review | Review | Review | ||
| Specialization | New | Review | Review | Review | Review | ||
| Division of Labor | New | Review | Review | Review | |||
| Productivity | New | Review | Review | Review | |||
| Markets | New | Review | Review | Review | |||
| Prices | New | Review | Review | Review | |||
| Public Goods | New | Review | Review | Review | |||
| Economic Systems | New | Review | Review | ||||
| Market Economy | New | Review | Review | ||||
| Circular Flow | New | Review | Review | ||||
| Trade/Exchange | New | Review | Review | ||||
| Factors of Production | New | Review | |||||
| Trade-offs | New | Review | |||||
| Demand | New | Review | |||||
| Supply | New | Review | |||||
| Equillibrium Price | New | Review | |||||
| Competition | New | ||||||
| Cost of Production | New | ||||||
| Profit | New | ||||||
| Entrpreneurs | New | ||||||
| Incentives | New | ||||||
| Taxes | New | ||||||
| Income Tax | New | ||||||
| Property Tax | New | ||||||
| Sales Tax | New | ||||||
| Unemploment | New | ||||||
| Shortages | New | ||||||
| Surpluses | New |