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

Economics Poster Contest Brought to you by the UIC Center for Economic Education Presents: The First Prize Winners

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

C. J. l Concept : Productive Resources l 1 st Grade l Ariel Community Academy

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

J. B. l Concept : Goods and Services l 5 th Grade l Hitch Elementary

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

D. C. l Concept: Scarcity l 8 th Grade l Hitch Elementary

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

K. C. l Concept : Opportunity Cost l 8 th Grade l Hitch Elementary

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

J. M. l Concept : Producers and Consumers l 6 th Grade l Hitch Elementary

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

M. G. l Concept : Specialization l 7 th Grade l Ariel Community Academy

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

M. J. l Concept : Goods and Services l 3 rd Grade l Hitch Elementary

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

E. L. l Concept : Scarcity l 3 rd Grade l Ariel Community Academy

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

L. P. l Concept : Opportunity Cost l 7 th Grade l Ariel Community Academy

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

L. W. l Concept : Producers and Consumers l 7 th Grade l Ariel Community Academy

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

L. K. l Concept : Specialization l 8 th Grade l Hitch Elementary

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

S. L. l Concept : Scarcity l 3 rd Grade l Ariel Community Academy

Economics Poster Contest Brought to you by the UIC Center for Economic Education Presents: The Second Prize Winners

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

R. H. l Concept : Productive Resources l 6 th Grade l Ariel Community Academy

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

D. N. l Concept : Goods and Services l 5 th Grade l Hitch Elementary

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

C. B. l Concept : Scarcity l 2 nd Grade l Ariel Community Academy

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

D. J. l Concept : Opportunity Cost l 2 nd Grade l Ariel Community Academy

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

T. B. l Concept : Producers and Consumers l 5 th Grade l Hitch Elementary

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

A. G. l Concept : Specialization l 4 th Grade l Hitch Elementary

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

C. W. l Concept : Productive Resources l 1 st Grade l Ariel Community Academy

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

A. S. l Concept : Goods and Services l 4 th Grade l Hitch Elementary

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

N. B. l Concept : Scarcity l 3 rd Grade l Ariel Community Academy

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

K. H. l Concept : Opportunity Costs l 2 nd Grade l Ariel Community Academy

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

R. V. l Concept : Producers and Consumers l 8 th Grade l Hitch Elementary

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

Q. V. l Concept : Specialization l 8 th Grade l Hitch Elementary