1. “ A Picture is Worth a Thousand Words ” Economics Poster Contest 2014-15 Sponsored by Econ Illinois UIC Center for Economic Education

2. 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.

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

14. 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.

22. 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.

30. First Prize Artistic Merit

32. Second Prize Artistic Merit

34. Thank you so much for supporting your students! Congratulations to all!