Economics

Economics

3.8 The student will demonstrate an understanding of different cultures and the natural, human, and capital resources they used in the production of goods and services.

3.9 The student will recognize that because people and regions cannot produce everything they want, they specialize in what they do best and trade for the rest.

3.10 The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).

History and Social Science Standards of Learning for Virginia Public Schools – March 2015