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“A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by

“A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by. Bank of America Illinois Council on Economic Education UIC Center for Economic Education. Economics Poster Contest Brought to you by the UIC Center for Economic Education. Presents: The First Prize

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“A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by

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  1. “A Picture is Worth a Thousand Words”Economics Poster Contest 2003-4Sponsored by Bank of America Illinois Council on Economic Education UIC Center for Economic Education

  2. Economics Poster ContestBrought to you by theUICCenter for Economic Education Presents: The First Prize Winners 2003-4

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

  4. CA • Concept: Productive Resources • 8th Grade • Hale Elementary School

  5. 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

  6. LA • Concept: Goods and Services • 5th Grade • Healy Elementary School

  7. 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.

  8. SB • Concept: Scarcity • 1st Grade • Carver Primary

  9. 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

  10. VB • Concept: Goods and Services • 1st Grade • Nathan Hale Elementary

  11. 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.

  12. RC • Concept: Opportunity Cost • 6th Grade • Hitch Elementary

  13. 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.

  14. LD • Concept: Producers and Consumers • 5th Grade • Healy Elementary

  15. 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.

  16. MG • Concept: Opportunity Cost • 6th Grade • Ariel Community Academy

  17. 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.

  18. MM • Concept: Producers and Consumers • 5th Grade • Curtis Elementary

  19. 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.

  20. SM • Concept: Specialization • 5th Grade • Healy Elementary

  21. 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.

  22. DO • Concept: Specialization • 6th Grade • Nathan Hale Elementary

  23. 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.

  24. AS • Concept: Scarcity • 8th Grade • Garvey Elementary

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

  26. KS • Concept: Productive Resources • 8th Grade • Nathan Hale Elementary

  27. Economics Poster ContestBrought to you by theUICCenter for Economic Education Presents: The Second Prize Winners 2003-4

  28. 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.

  29. KB • Concept: Specialization • 4th Grade • Nathan Hale Elementary

  30. 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.

  31. JB • Concept: Producers and Consumers • 3rd Grade • Nathan Hale Elementary

  32. 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

  33. DC • Concept: Goods and Services • 4th Grade • William King Elementary

  34. 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.

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