This updated list of content standards covering economics is suggested for states developing their own economics standards. The list outlines the core requirements for basic literacy in economics for grades K-12. The statements are similar to designated content standards from other core subject areas. Key economic concepts describing their basic relationships to the economy are: (1) scarcity and choice; (2) opportunity cost and trade-offs; (3) productivity; (4) economic systems; (5) economic institutions and incentives; (6) exchange, money and interdependence; (7) markets and prices; (8) supply and demand; (9) competition and market structure; (10) income distribution; (11) market failures; (12) the role of government; (13) gross domestic product; (14) aggregate supply and aggregate demand; (15) unemployment; (16) inflation and deflation; (17) monetary policy; (18) fiscal policy; (19) absolute and comparative advantage and barriers to trade; (20) exchange rates and balance of payments; and (21) international aspects of growth and stability. (EH)