Louisiana Administrative Code
Title 28 - EDUCATION
Part CXXI - Bulletin 1964-Louisiana Content Standards, Benchmarks, and Grade Level Expectations for Social Studies
Chapter 9 - Grade 3-The American Story: People, Places, and Papers
Section CXXI-907 - Economics
Universal Citation: LA Admin Code CXXI-907
Current through Register Vol. 50, No. 3, March 20, 2024
A. Describe the United States in economic terms: free enterprise, private property, producers and consumers, profit and loss, supply and demand, and imports and exports.
1. Explain why free enterprise and private
property are important concepts and how they are beneficial to individuals and
to the United States.
2. Explain
how the interaction between producers and consumers in a free market satisfies
economic wants and needs.
2.
Explain how supply and demand can affect the prices of goods and
services.
3. Differentiate between
imports and exports.
4. Explain why
and how people specialize in the production of goods and services.
B. Identify how people use natural (renewable and non-renewable), human, and capital resources to provide goods and services.
C. Describe the relationship between scarcity and opportunity cost in economic decision making.
D. Describe the importance of personal financial decision making such as budgeting and saving.
AUTHORITY NOTE: Promulgated in accordance with R.S. 17.6, R.S. 17:24.4, and R.S. 17:154.
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