Virginia SOL 2.EC.1

What students need to be able to do

• Identify natural resources including water, soil, wood, and coal.
• Identify human resources (people at work).
• Identify capital resources including machines, tools, computers, and buildings.
• Distinguish between needs and wants.
• Distinguish between the use of barter and the use of money in the exchange for goods and services.
• Describe how money makes trading easier than barter.
• Explain that scarcity (having limited resources) requires people to make choices about producing and consuming goods and services.