La. Admin. Code tit. 28 § CXXI-707

Current through Register Vol. 50, No. 9, September 20, 2024

Section CXXI-707 - Economics

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.

La. Admin. Code tit. 28, § CXXI-707

Promulgated by the Board of Elementary and Secondary Education, LR 31:2808 (November 2005), Amended LR 481767 (7/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17.6, R.S. 17:24.4, and R.S. 17:154.