"A Picture is Worth a Thousand Words" Economics Poster Contest
Economic Concepts
Students represent in a color drawing, one of six basic economic concepts. Entries are judged on accuracy of concept representation and originality. Because the state winners will be printed in a color calendar, additional criteria include suitability for printing and distribution to the public.
For examples, view the award-winning entries that are displayed on the lists of recent winners.
NEW RESOURCE! KidsEcon Posters
Resources to help teachers of all grades incorporate economic concepts in a visual manner. Supported by curriculum lessons tied to standards. Materials support the Illinois "A Picture is Worth a Thousand Words" Economics Concepts Poster Contest.
1. Scarcity: World resources are limited, so we cannot produce or have everything we could possibly want. We must therefore make choices about how best to use the limited resources we have.
2. Opportunity Cost: Opportunity cost refers to what we give up to use a resource for one purpose rather than its next best use. For example, if you have 50 cents and choose to buy a candy bar, you have given up the enjoyment of eating an ice cream cone. If the baker uses a bag of flour to bake bread, she cannot use the same bag of flour to bake cakes.
3. Goods and Services: Economic systems produce items desired by consumers and supplied by producers. Goods are produced objects, such as automobiles, books, furniture, or food. Services are produced activities, such as teaching, medical services, counseling, delivery of goods, or web pages. A poster entry must illustrate and identify both goods and services.
4. Specialization: Living standards improve when individuals, firms, or nations produce goods and services at which they are better, leaving the production of other goods or services to others. For example, grains and citrus fruits generally require different climates for proper growth. The production of these crops is greater if they are grown in the regions that are better suited for them. Individuals also specialize in jobs they are able to do better than others.
5. Producers and Consumers: Producers are people or businesses that provide goods or services. Consumers use the goods and services produced to satisfy their wants and needs. Individuals are both producers and consumers. A poster entry must illustrate and identify both producers and consumers.
6. Productive Resources: Production of goods or services uses three types of resources: natural resources (obtained from forests, fields, or mines), human resources (the work of people), and capital resources (tools, factories, computers made by people.) For example, to make a pencil we use wood (a natural resource), a lathe (a capital resource), and a lathe operator (a human resource). Poster entries in this category must illustrate and identify all three types of resources in use.
