Economics 6 th Grade. producer People and/or companies which make and supply goods and services.

Economics6th Grade

producerPeople and/or companies which make and

supply goods and services.

consumerUse goods and services

to satisfy wants and needs.

productive resourcesProduction of goods

and services involves three

types of resourcesnatural resources (nature)

• pencil are trees/wood

human resources (labor)

• machine operator (human)

capital resources (capitol, labor)

(man-made -tools, machines, etc.) 

• lathe

economic interdependence

Mutually dependent on each other financially.

goodsSomething that you can touch or hold that

consumers want that are supplied by producers. 

servicesServices are things you cannot holdbut that consumers want or need

that are produced in the economy. 

Examples of services include teaching, medical services, and counseling.  

specializationEfficiency is increased when businesses,

individualsor countries produce the goods and services atwhich they are best, leaving the production of

other goods to others. 

Individuals specialize in jobs they do best too.

profitAfter producing & selling a good or service,

profit’s the difference between revenue & cost of production.

If costs are greater than revenue, profit is negative there’s a loss.

resource

An aspect of the physical environment that people value and use.

scarcity

Not being able to have everything wanted making necessary choices; when supply is less than demand.

supply The quantity of resources, goods, or services that sellers offer at various prices

at a particular time.

demand

The number of consumers willing and able to purchase a good or service at

a given price.

opportunity cost

In making a decision, the most valuable alternative not chosen.

http://chestercomix.com/test2/images/comix/opportunity-costs.gif

needs

necessities (food, clothing, shelter)

tradeThe exchange of goods or services for

other goods and services or money.

wantsDesires that can be satisfied by

consuming a good, service, or leisure activity.

benefit

Something that satisfies one’s wants.

borrowingPromising to repay a given amount of

money, often with added interest.

budget

Sum of money allocated for a particular use; plan for saving &

spending money.

cost

Something that is given up to satisfy your wants.

income

Financial gain received as wages/salaries,

rent, interest, and/or profit.

spending

The use of money to buy goods and services.

technologyScience applied to achieve practical

purposes.

trade-offGetting less of one thing in order

to get a little more of another.

Contest DirectionsSelect one of the following concepts and in pencil draw a picture depicting the topic.

Write the topic somewhere on the front.• Producers & Consumers• Productive Resources (human, natural, capital)• Opportunity Costs• Scarcity• Goods and Services• Specialization• Supply and Demand

Make your poster on a regular blank sheet of paper.On the BACK of the paper, in pencil write:• Student name (first and last)• 6th Grade• Roesland Elementary • 4900 Parish Drive, Roeland Park, KS 66205• Michelle Tapko• [email protected]

Past Winning Posters

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Past Winning Posters

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Past Winning Posters

Past Winning Posters

Teacher’s Notes

http://kansas.councilforeconed.org/resources/poster-contest-grades-k-8/

Entry Formhttp://www.kcee.wichita.edu/PosterContest/EntryForm.pdf