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Louisiana Studies, 8th Grade Social Studies Strand: Economics Individuals, Households, Businesses, and Governments (Microeconomics) Benchmark: E-1B-M1 explaining the role of supply and demand in a competitive market system; (1, 3, 4) GLE 52. Explain how supply and demand affect prices (E-1B-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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