Louisiana Administrative Code
Title 28 - EDUCATION
Part CXXI - Bulletin 1964-Louisiana Content Standards, Benchmarks, and Grade Level Expectations for Social Studies
Chapter 7 - Grade 2-Life in Our Great Country, the United States of America
Section CXXI-707 - Economics
Universal Citation: LA Admin Code CXXI-707
Current through Register Vol. 50, No. 9, September 20, 2024
A. Describe the United States in economic terms, including free enterprise, private property, producers and consumers, profit and loss, costs and benefits, and imports and exports.
1. Describe how people are both
producers and consumers.
2. Explain
why free enterprise and private property are important concepts and how they
are beneficial to individuals and to the United States.
4. Identify examples of an economic cost or
benefit of a decision or event.
B. Explain why and how people specialize in the production of goods and services.
C. Explain how scarcity of resources and opportunity costs require people to make choices to satisfy wants and needs.
D. Identify how people use natural (renewable and non-renewable), human, and capital resources to provide goods and services.
AUTHORITY NOTE: Promulgated in accordance with R.S. 17.6, R.S. 17:24.4, and R.S. 17:154.
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