“A Picture is Worth a Thousand Words” Economics Poster Contest 2005-6 Sponsored by

1. “A Picture is Worth a Thousand Words”Economics Poster Contest 2005-6Sponsored by Illinois Council on Economic Education UIC Center for Economic Education

2. Economics Poster ContestBrought to you by theUICCenter for Economic Education Presents: TheFirst PLACE Winners 2005-06

3. Productive Resources • Production of goods and services in any economic system involves three types of resources: • Natural Resources • Human Resources • Capital Resources

5. K.D. • Concept : Productive Resources • 4th Grade • Rufus M. Hitch

7. J.B. • Concept : Productive Resources • 3rd Grade • Ariel Community Academy

8. Opportunity Cost • Opportunity Costs are what we give up when a resource is used for one purpose rather than another. • Example: If a baker uses a bag of flour to bake bread, she cannot use the same bag of flour to bake cakes.

10. L.F. • Concept : Opportunity Cost • 8th Grade • John W. Garvy

12. I.K. • Concept : Opportunity Cost • 7th Grade • Ariel Community Academy

13. Goods and Services • Goods are tangible objects desired by consumers and supplied by producers. • Example of goods: cars & books • Services are intangible outputs produced in the economy. • Example of a service: teaching

15. M.R. • Concept : Goods and Services • 2nd Grade • Rufus M. Hitch

17. A.W. • Concept : Goods and Services • 1st Grade • Ariel Community Academy

18. Scarcity • World resources are limited, so we cannot produce or have everything we could possibly want. • Thus, we must make choices about how best to use the limited resources we have.

20. J.S. • Concept: Scarcity • 7th Grade • Nathan Hale Elementary

22. P.M. • Concept: Scarcity • 6th Grade • Ariel Community Academy

23. Specialization • Efficiency is increased when individuals, firms, and nations produce the goods and services at which they are best. • Thus, leaving the production of other goods to others.

25. A.R. • Concept : Specialization • 8th Grade • Nathan Hale Elementary

27. J.A. • Concept : Specialization • 8th Grade • Nathan Hale Elementary

28. Producers & Consumers • Producers are the people, and/or firms, which make and supply the goods and services provided in the economy. • Consumers use the goods and services produced to satisfy their wants and needs.

30. E.C. • Concept : Producers and Consumers • 5th Grade • Nathan Hale

32. K.W. • Concept : Producers and Consumers • 3rd Grade • St. Thomas the Apostle

33. Economics Poster ContestBrought to you by theUICCenter for Economic Education Presents: TheSECOND PLACE Winners 2005-06

34. Productive Resources • Production of goods and services in any economic system involves three types of resources: • Natural Resources • Human Resources • Capital Resources

36. C.L. • Concept : Productive Resources • 7th Grade • Ariel Community Academy

38. N.F. • Concept : Productive Resources • 8th Grade • John W. Garvy

39. Goods and Services • Goods are tangible objects desired by consumers and supplied by producers. • Example of goods: cars & books • Services are intangible outputs produced in the economy. • Example of a service: teaching

41. T.J. • Concept : Goods and Services • 7th Grade • Hitch Elementary

43. S.L. • Concept : Goods and Services • 3rd Grade • Rufus M. Hitch

44. Scarcity • World resources are limited, so we cannot produce or have everything we could possibly want. • Thus, we must make choices about how best to use the limited resources we have.

46. B.D. • Concept : Scarcity • 7th Grade • Nathan Hale Elementary

48. R.A. • Concept : Scarcity • 7th Grade • Nathan Hale Elementary

49. Opportunity Cost • Opportunity Costs are what we give up when a resource is used for one purpose rather than another. • Example: If a baker uses a bag of flour to bake bread, she cannot use the same bag of flour to bake cakes.