La. Admin. Code tit. 28 § CXXI-907

Current through Register Vol. 50, No. 11, November 20, 2024

Section CXXI-907 - Economics

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.

La. Admin. Code tit. 28, § CXXI-907

Promulgated by the Board of Elementary and Secondary Education, LR 31:2811 (November 2005), Amended LR 481769 (7/1/2022).

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