This report capsulizes the problems of defining the meaning of social competency in young children in relation to a panel discussion held in January 1973. Four approaches are discussed: (1) the "bag of virtues" approach, (2) the "industrial psychology" approach, (3) the normative-expectation approach, and (4) the theory-guided approach. Seven conceptual distinctions important in defining social competency, and twenty-nine statements that represent facets of social competency in young children are outlined. Implications for measurement, research, and policy, and an index of competency variables are included. (SET)