A concise framework of basic concepts and generalizations for teaching economics for K-12 students is presented. The guide summarizes the basic structure and substance of economics and lists and describes economic concepts. Standard guidelines are provided to help school systems integrate economics into their on-going courses of study. Designed to be used by those working with teachers on curriculum development in economic education, the guide can also be used by methods instructors. Six major areas are defined as essential to economic understanding. First, students need to develop an objective, rational approach and be able to organize their thinking as they address economic issues and questions. Second, students need to master basic economic concepts and understand economic institutions, measurement concepts, and concepts for evaluating economic action and policies. Third, students need a simple overview of the American economic system so as to provide a structure for examining specific issues. Fourth, students need to possess the knowledge and skills to recognize the various types of economic issues they are likely to encounter such as market and government action. Fifth, students need to apply their economic understanding to particular issues relevant to their own lives, such as the scarcity of oil or the rising coffee prices. Sixth, students need to form their own judgments on economic issues based on their analysis of the issues, tempered by their own values. (Author/JR)