Economic Concepts Poster Contest
Teachers teach one or both economic concepts, per student grade level. Students represent one of the economic concepts in a color drawing. Entries are judged on originality, accuracy of concept and artistic merit. For examples, view the award-winning entries that are displayed on the lists of recent winners.
Goods and Services: Goods are tangible objects desired by consumers and supplied by producers. Services are activites performed by somone for another. Examples of goods include: a car, books, an iPod; services include things such as teaching, medical services and haircuts. Poster entries must illustrate and identify both goods and services.
Producers and 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. Individuals are both producers and consumers. Poster entries must illustrate both producers and consumers.
Choice and Opportunity Cost: Opportunity cost is the benefit that is given up when a choice must be made because resources are scarce in relation to wants. In choosing between two alternatives, there is always an opportunity cost. To choose to spend an afternoon at a baseball game means giving up the opportunity to use that time to go swimming. Drawing must identify which choice is the opportunity cost, using minimal text.
Productive Resources: Production of goods and services in any economic system involves three types of resources: natural resources (for example, obtained from forests, fields, or mines), human resources (labor) and capital resources (any man-made instrument of production such as tools or machines). Examples of each resource used in making a pencil are wood (natural), a lathe (capital) and the machine operator (human). Poster entries must illustrate all three types of resources as they relate to the production of a good or service.
Scarcity: World resources are limited, so we cannot produce or have everything we could possibly want. We must make choices about how best to use the limited resources we have. Economic systems allocate our limited resources in ways to increase the benefits of these resources to individuals and society. Scarcity is not a shortage.
Specialization: Efficiency is increased when individuals, firms, and nations produce the goods and services at which they are best, and then trade with others (who specialize in different goods and services) to get more of the things they want. One example is an assembly line, where individual workers perform a specific task in the production process.