La. Admin. Code tit. 28 § CXXIX-1105

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

Section CXXIX-1105 - Benchmark 2-Economics

A. Adult learners employ basic economic concepts, evaluate problems, and make rational choices as a consumer, worker, and citizen.

1. Recognize that individuals and families with limited resources make economic choices.

2. Define and apply the concept of choice by balancing cost with benefits.

3. Recognize and explain the relationship between producers and consumers (supply and demand).

4. Understand that prices in a market economy are determined by the interaction of supply and demand.

5. Use concepts of money management, e.g.,:

a. interest;

b. credit;

c. savings;

d. investment;

e. budget; and

f. debt.

6. Recognize and explain the role of banks and other financial institutions in the economy.

7. Recognize that consumers and producers make economic choices based on supply, demand, access to markets and actions of government.

8. Recognize how international trade links countries around the world.

9. Recognize how nations specialize and become interdependent through trade.

10. Recognize and describe how government policies create free or restricted trade.

11. Use tables, graphs, diagrams, and charts of economic information to explain economic trends and patterns at the local level.

La. Admin. Code tit. 28, § CXXIX-1105

Promulgated by the Board of Elementary and Secondary Education, LR 32:2042 (November 2006).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).