Economics 6th Grade

People and/or companies which make and supply goods and services. producer People and/or companies which make and supply goods and services.

to satisfy wants and needs. consumer Use goods and services to satisfy wants and needs.

Production of goods and services involves three types of resources productive resources Production of goods and services involves three types of resources natural resources (nature) pencil are trees/wood human resources (labor) machine operator (human) capital resources (capitol, labor) (man-made -tools, machines, etc.)  lathe

economic interdependence Mutually dependent on each other financially.

goods Something that you can touch or hold that consumers want that are supplied by producers. 

services Services are things you cannot hold but that consumers want or need that are produced in the economy.  Examples of services include teaching, medical services, and counseling.  

specialization Efficiency is increased when businesses, individuals or countries produce the goods and services at which they are best, leaving the production of other goods to others.  Individuals specialize in jobs they do best too.

profit After producing & selling a good or service, profit’s the difference between revenue & cost of production. If costs are greater than revenue, profit is negative there’s a loss.

resource An aspect of the physical environment that people value and use.

scarcity Not being able to have everything wanted making necessary choices; when supply is less than demand.

supply The quantity of resources, goods, or services that sellers offer at various prices at a particular time.

demand The number of consumers willing and able to purchase a good or service at a given price.

opportunity cost In making a decision, the most valuable alternative not chosen. http://chestercomix.com/test2/images/comix/opportunity-costs.gif

necessities (food, clothing, shelter) needs necessities (food, clothing, shelter)

trade The exchange of goods or services for other goods and services or money.

wants Desires that can be satisfied by consuming a good, service, or leisure activity.

Something that satisfies one’s wants. benefit Something that satisfies one’s wants.

Promising to repay a given amount of money, often with added interest. borrowing Promising to repay a given amount of money, often with added interest.

budget Sum of money allocated for a particular use; plan for saving & spending money.

Something that is given up to satisfy your wants. cost Something that is given up to satisfy your wants.

income Financial gain received as wages/salaries, rent, interest, and/or profit.

The use of money to buy goods and services. spending The use of money to buy goods and services.

Science applied to achieve practical purposes. technology Science applied to achieve practical purposes.

trade-off Getting less of one thing in order to get a little more of another.

Contest Directions Select one of the following concepts and in pencil draw a picture depicting the topic. Write the topic somewhere on the front. Producers & Consumers Productive Resources (human, natural, capital) Opportunity Costs Scarcity Goods and Services Specialization Supply and Demand Make your poster on a regular blank sheet of paper. On the BACK of the paper, in pencil write: Student name (first and last) 6th Grade Roesland Elementary 4900 Parish Drive, Roeland Park, KS 66205 Michelle Tapko michelletapko@smsd.org

Past Winning Posters

Past Winning Posters

Past Winning Posters

Past Winning Posters

Past Winning Posters

Past Winning Posters

Past Winning Posters

Past Winning Posters

Teacher’s Notes Entry Form http://kansas.councilforeconed.org/resources/poster-contest-grades-k-8/ Entry Form http://www.kcee.wichita.edu/PosterContest/EntryForm.pdf