1. Bank of America Illinois Council on Economic Education UIC Center for Economic Education “ A Picture is Worth a Thousand Words ” Economics Poster Contest 2004-5 Sponsored by

2. Economics Poster Contest Brought to you by the UIC Center for Economic Education Presents: The First Prize Winners 2004-5

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

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

6. 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

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

9. 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.

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

12. 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.

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

15. 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.

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

18. 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.

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

21. 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

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

24. 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.

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

27. 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.

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

30. 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.

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

33. 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.

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

36. 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

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

39. Economics Poster Contest Brought to you by the UIC Center for Economic Education Presents: The Second Prize Winners 2004-5

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

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

43. 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

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

46. 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.

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

49. 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.

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

52. 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.

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

55. 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.

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

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

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

61. 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

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

64. 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.

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

67. 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.

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

70. 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.

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

73. 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.

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