Virginia SOL 3.10

What students need to be able to do

• Define production, distribution, and consumption of goods and services.
• Understand different cultures and the natural, human, and capital resources they use in the production of goods and services.
• Recognize that because people and regions cannot produce everything they want, they specialize in what they do best and trade for the rest.
• Identify examples of making an economic choice and explain the idea of opportunity cost.