“A Picture is Worth a Thousand Words”

Economics Poster Contest 2014-15

Sponsored by

Econ Illinois

UIC Center for Economic Education

Opportunity CostOpportunity 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.

Productive ResourcesProduction of goods and services in any economic

system involves three types of resources:

◦Natural Resources◦Human Resources◦Capital Resources

ScarcityWorld 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.

SpecializationEfficiency 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.

First Prize Artistic Merit

Second Prize Artistic Merit

Thank you so much for supporting your

students!

Congratulations to all!