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Louisiana Studies, 8th Grade Social Studies Strand: Economics Fundamental Economic Concepts Benchmark: E-1A-M1 describing how the scarcity of resources necessitates decision making at both personal and societal levels; (1, 2, 4, 5) GLE 42. Analyze situations involving scarcity (limited resources) at the individual, group, and societal levels to determine the need for choices or what is gained/lost by a decision (E-1A-M1) Standard: Students develop an understanding of fundamental economic concepts as they apply to the interdependence and decision making of individuals, households, businesses, and governments in the United States and the world. Focus: Effective economic education in our schools is the key to preparing young people for economic decisions in their personal lives and as citizens in a democratic society. An economically literate work force is critical to the well-being of our state and nation. Students need to understand and apply basic economic concepts in order to make reasoned judgments in a complex and changing world. With economic knowledge and decision-making skills, students will be ready to live and work productively in the 21st century. The standards and benchmarks contained in this strand should be applied throughout the social studies curriculum.
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