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Louisiana Studies, 8th Grade Social Studies Strand: Economics Fundamental Economic Concepts Benchmark: E-1A-M6 describing the essential differences in the production and allocation of goods and services in traditional, command, and market systems; (1, 3, 4) GLE 48. Characterize and analyze the use of productive resources in an economic system (E-1A-M6) 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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