Economics
Fundamental Economic Concepts
- 42. Analyze situations involving scarcity (limited resources) at the individual, group, and societal levels to determine the need for choices or what is gained/lost by a decision (E-1A-M1)
- 43. Explain how effective economic decisions (e.g., determining the best level of consumption) require comparing the additional costs of alternatives with additional benefits (E-1A-M2)
- 44. Explain choice/trade-offs, cost/benefits, and opportunity costs related to making personal economic decisions (E-1A-M3)
- 45. Analyze the role of specialization in Louisiana's economy (E-1A-M4)
- 46. Use a variety of resources to research education and training for jobs and careers (E-1A-M5)
- 47. Cite examples of how skills/knowledge and technical training increase personal productivity and career opportunities, and which skills/knowledge would enhance particular career prospects (E-1A-M5)
- 48. Characterize and analyze the use of productive resources in an economic system (E-1A-M6)
- 49. Describe how the four basic economic questions are answered in traditional vs. command vs. market economies (E-1A-M6)
- 50. Describe institutions (e.g., banks, government agencies, large companies, small businesses) that make up economic systems (E-1A-M7)
- 51. Use economic concepts (e.g., scarcity, opportunity cost) to explain historic and contemporary events and developments in Louisiana (E-1A-M9)
