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![Page 1: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/1.jpg)
“A Picture is Worth a Thousand Words”Economics Poster Contest 2003-4
Sponsored by
Bank of America
Illinois Council on Economic Education
UIC Center for Economic Education
![Page 2: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/2.jpg)
Economics Poster ContestBrought to you by the
UIC Center for Economic Education
Presents:
The First PrizeWinners 2003-4
![Page 3: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/3.jpg)
Productive Resources
Production of goods and services in any economic system involves three types of resources: • Natural Resources• Human Resources• Capital Resources
![Page 4: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/4.jpg)
![Page 5: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/5.jpg)
CA
Concept: Productive Resources 8th Grade Hale Elementary School
![Page 6: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/6.jpg)
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
![Page 7: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/7.jpg)
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LA
Concept: Goods and Services 5th Grade Healy Elementary School
![Page 9: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/9.jpg)
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.
![Page 10: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/10.jpg)
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SB
Concept: Scarcity 1st Grade Carver Primary
![Page 12: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/12.jpg)
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
![Page 13: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/13.jpg)
![Page 14: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/14.jpg)
VB
Concept: Goods and Services 1st Grade Nathan Hale Elementary
![Page 15: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/15.jpg)
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.
![Page 16: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/16.jpg)
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RC
Concept: Opportunity Cost 6th Grade Hitch Elementary
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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.
![Page 19: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/19.jpg)
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LD
Concept: Producers and Consumers
5th Grade Healy Elementary
![Page 21: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/21.jpg)
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.
![Page 22: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/22.jpg)
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MG
Concept: Opportunity Cost 6th Grade Ariel Community Academy
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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.
![Page 25: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/25.jpg)
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MM
Concept: Producers and Consumers
5th Grade Curtis Elementary
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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.
![Page 28: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/28.jpg)
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SM
Concept: Specialization 5th Grade Healy Elementary
![Page 30: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/30.jpg)
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.
![Page 31: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/31.jpg)
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DO
Concept: Specialization 6th Grade Nathan Hale Elementary
![Page 33: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/33.jpg)
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.
![Page 34: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/34.jpg)
![Page 35: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/35.jpg)
AS
Concept: Scarcity 8th Grade Garvey Elementary
![Page 36: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/36.jpg)
Productive Resources
Production of goods and services in any economic system involves three types of resources: • Natural Resources• Human Resources• Capital Resources
![Page 37: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/37.jpg)
![Page 38: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/38.jpg)
KS
Concept: Productive Resources 8th Grade Nathan Hale Elementary
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Economics Poster ContestBrought to you by the
UIC Center for Economic Education
Presents:
The
Second Prize Winners 2003-4
![Page 40: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/40.jpg)
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.
![Page 41: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/41.jpg)
![Page 42: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/42.jpg)
KB
Concept: Specialization 4th Grade Nathan Hale Elementary
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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.
![Page 44: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/44.jpg)
![Page 45: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/45.jpg)
JB
Concept: Producers and Consumers
3rd Grade Nathan Hale Elementary
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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
![Page 47: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/47.jpg)
![Page 48: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/48.jpg)
DC
Concept: Goods and Services 4th Grade William King Elementary
![Page 49: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/49.jpg)
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.
![Page 50: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/50.jpg)
![Page 51: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/51.jpg)
MC
Concept: Opportunity Costs 6th Grade Hitch Elementary
![Page 52: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/52.jpg)
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
![Page 53: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/53.jpg)
![Page 54: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/54.jpg)
BG
Concept: Goods and Services 1st Grade Nathan Hale Elementary
![Page 55: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/55.jpg)
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.
![Page 56: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/56.jpg)
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JL
Concept: Producers and Consumers
5th Grade Beethoven Elementary
![Page 58: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/58.jpg)
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.
![Page 59: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/59.jpg)
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EM
Concept: Producers and Consumers
8th Grade Eberhart Elementary
![Page 61: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/61.jpg)
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.
![Page 62: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/62.jpg)
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BO
Concept: Opportunity Cost 7th Grade Pershing Elementary
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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.
![Page 65: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/65.jpg)
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HQ
Concept: Scarcity 8th Grade Garvey Elementary
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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.
![Page 68: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/68.jpg)
![Page 69: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/69.jpg)
ES
Concept: Scarcity 5th Grade Skinner Elementary
![Page 70: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/70.jpg)
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.
![Page 71: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/71.jpg)
![Page 72: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/72.jpg)
JT
Concept: Specialization 5th Grade Healy Elementary
![Page 73: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/73.jpg)
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.
![Page 74: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/74.jpg)
![Page 75: “A Picture is Worth a Thousand Words” Economics Poster Contest 2003-4 Sponsored by Bank of America Illinois Council on Economic Education UIC Center for.](https://reader033.fdocuments.in/reader033/viewer/2022051821/56649cf75503460f949c7160/html5/thumbnails/75.jpg)
CZ
Concept: Opportunity Cost 5th Grade Healy Elementary