Embed Size (px)
DESCRIPTION
“A Picture is Worth a Thousand Words” Economics Poster Contest 2005-6 Sponsored by. 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 PLACE Winners 2005-06. - PowerPoint PPT Presentation
Citation preview
Illinois Council on Economic Education
UIC Center for Economic Education
“A Picture is Worth a Thousand Words”Economics Poster Contest 2005-6
Sponsored by
Economics Poster ContestBrought to you by the
UIC Center for Economic Education
Presents:
The First PLACEWinners 2005-06
Productive Resources
Production of goods and services in any economic system involves three types of resources: • Natural Resources
• Human Resources
• Capital Resources
K.D.
Concept : Productive Resources 4th Grade Rufus M. Hitch
J.B.
Concept : Productive Resources 3rd Grade Ariel Community Academy
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.
L.F.
Concept : Opportunity Cost 8th Grade John W. Garvy
I.K.
Concept : Opportunity Cost 7th Grade Ariel Community Academy
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
M.R.
Concept : Goods and Services 2nd Grade Rufus M. Hitch
A.W.
Concept : Goods and Services 1st Grade Ariel Community Academy
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.
J.S.
Concept: Scarcity 7th Grade Nathan Hale Elementary
P.M.
Concept: Scarcity 6th Grade Ariel Community Academy
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.
A.R.
Concept : Specialization 8th Grade Nathan Hale Elementary
J.A.
Concept : Specialization 8th Grade Nathan Hale Elementary
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.
E.C.
Concept : Producers and Consumers 5th Grade Nathan Hale
K.W.
Concept : Producers and Consumers 3rd Grade St. Thomas the Apostle
Economics Poster ContestBrought to you by the
UIC Center for Economic Education
Presents:
The SECOND PLACEWinners 2005-06
Production of goods and services in any economic system involves three types of resources: • Natural Resources
• Human Resources
• Capital Resources
Productive Resources
C.L.
Concept : Productive Resources 7th Grade Ariel Community Academy
N.F.
Concept : Productive Resources 8th Grade John W. Garvy
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
T.J.
Concept : Goods and Services 7th Grade Hitch Elementary
S.L.
Concept : Goods and Services 3rd Grade Rufus M. Hitch
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.
B.D.
Concept : Scarcity 7th Grade Nathan Hale Elementary
R.A.
Concept : Scarcity 7th Grade Nathan Hale Elementary
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.
A.K.
Concept : Opportunity Cost 8th Grade Nathan Hale Elementary
K.M.
Concept : Opportunity Cost 3rd Grade Ariel Community Academy
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.
M.Q.
Concept : Producers and Consumers 1st Grade Ariel Community Academy
K.K.
Concept : Producers and Consumers 5th Grade Nathan Hale Elementary
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.
E.L.
Concept : Specialization 7th Grade Nathan Hale Elementary
I.V.
Concept : Specialization 7th Grade Nathan Hale Elementary
