My 3rd is mostly designed to address the very common objection that Bitcoin is just made up numbers on a screen. Understanding the difficulty adjustment requires one to understand the role of miners, computational power, and real energy to keep Bitcoin secure, decentralized, and consistent. I don't see how you could understand those concepts and still think it's easily manipulated or made from nothing like fiat (which is something they always fail to realize, but that's another topic).
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1. Why is this thing different than what we currently have (centralized fiat)?
2. Why is this thing useful in the real world?
3. Why is this thing real, reliable/consistent, and secure?
I feel these three are the bare minimum concepts one must grasp to have a high school level understanding of Bitcoin and why it matters.
I suppose I could add understanding inflation as number one, which would basically serve as an understanding for why limits on supply would even matter.