Balance of Trade and Balance of Payments, 41. Costs and Benefits. Government Failures/Public-Choice Analysis, 39. Wealth owned by an individual is called private or individual wealth such as a car, house,... 2. bound with an audacious hope that the subject under scrutiny is a rational entity which seeks to improve its overall well-being Basic Concept of Economics # 3.Wealth: 1. Each key concept listed below links to free resources described at High School Economics Topics. Introduction. Make sure you recognize which terms potentially indicate weak or declining economic conditions. Explore economic concepts so you can correctly interpret current events and news stories related to economic conditions. The concepts do not have to be pursued in order. Foreign Currency Markets/Exchange Rates. Enter your email address to subscribe to our monthly newsletter: 1. Next, take a deeper dive into financial terminology by exploring accounting abbreviations. The 51 Key Economics Concepts. While this topic is on your mind, further expand your knowledge by mastering some commonly used financial abbreviations. Monetary Policy and the Federal Reserve, 30. Decision Making and Cost-Benefit Analysis, 23. Fundamental Economics | Macroeconomics | Microeconomics | International Economics | Personal Finance Economics. Learn the meaning of key investment terminology and concepts related to the stock market and other types of investments. Individual Wealth:. National or Real Wealth:. Explore economic concepts so you can correctly interpret current events and news stories related to economic conditions. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards for Economics. Core Economic Concepts. Social Wealth:. Benefits of Trade/Comparative Advantage, 43. Copyright © 2020 LoveToKnow. 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.. Learn these definitions and you’ll be on your way to developing a solid understanding of key terminology and concepts related to the economy. You don’t have to be an economist-in-training to benefit from knowing some economic terms and concepts. 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 concept of costs and benefits is related to the rational expectations and … Explore this laypersons’ list of basic economic terms and definitions to expand your vocabulary and deepen your understanding of key economic indicators. Learn the definitions of a few key economic terms that everyone should understand. business cycle - refers to expected business fluctuations through times of growth and contraction (ups and downs); refers to the cyclical nature of business growth and decline All Rights Reserved, Basic Economic Terms and Concepts Explained. Goods which are owned by the society are called social or collective wealth, such as schools,... 3. 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.