Economics

Louisiana's Economy

Fundamental Economic Concepts

• 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)
• 43. Explain how effective economic decisions (e.g., determining the best level of consumption) require comparing the additional costs of alternatives with additional benefits (E-1A-M2)
• 44. Explain choice/trade-offs, cost/benefits, and opportunity costs related to making personal economic decisions (E-1A-M3)
• 45. Analyze the role of specialization in Louisiana's economy (E-1A-M4)
• 46. Use a variety of resources to research education and training for jobs and careers (E-1A-M5)
• 47. Cite examples of how skills/knowledge and technical training increase personal productivity and career opportunities, and which skills/knowledge would enhance particular career prospects (E-1A-M5)
• 48. Characterize and analyze the use of productive resources in an economic system (E-1A-M6)
• 49. Describe how the four basic economic questions are answered in traditional vs. command vs. market economies (E-1A-M6)
• 50. Describe institutions (e.g., banks, government agencies, large companies, small businesses) that make up economic systems (E-1A-M7)
• 51. Use economic concepts (e.g., scarcity, opportunity cost) to explain historic and contemporary events and developments in Louisiana (E-1A-M9)

Individuals, Households, Businesses, and Governments (Microeconomics)

• 52. Explain how supply and demand affect prices (E-1B-M1)
• 53. Explain and analyze factors affecting production and allocation of goods/services in Louisiana and the United States (E-1B-M2)
• 54. Explain the difference between private goods/services and public goods/services and give examples of each (E-1B-M3)
• 55. Identify the costs and benefits of a given government policy (e.g., trade agreements, minimum wage) on a competitive market (E-1B-M4)
• 56. Identify various types of taxes and user fees and predict their consequences (E-1B-M5)
• 57. Explain reasons for trade between nations and the impact of international trade (E-1B-M6)
• 58. Describe historical and economic factors influencing the economic growth, interdependence, and development of Louisiana and the nation (e.g., mass production, oil boom and decline) (E-1B-M7)

The Economy as a Whole (Macroeconomics)

• 59. Explain the meaning of various economic indicators that help describe the state of an economy (e.g., GDP, CPI, stock market indices, rate of unemployment or inflation) (E-1C-M1)
• 60. Define inflation and unemployment in terms of an economic system as a whole (E-1C-M2)
• 61. Describe the influence/impact of inflation or unemployment on different groups of people (e.g., consumers, business owners) (E-1C-M2)

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Louisiana Studies, 8th Grade Social Studies

Strand: Economics

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.

Grade Level Expectations:

• Geography
• Civics
• Economics
• History

Related Topics on this Site

• Taxes

Links

• EconEdLink
• Federal Reserve: Education Site
• Louisiana Council on Economics Education

Resources for Teachers:

Links:

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