Poster Contest

Presents

Entrepreneurs and the Michigan Economy:

Michigan’s Economy and Its Diversified Resources and Entrepreneurs

“A Picture is Worth A 1,000 Words”

Eighth Annual Economics Poster Contest for Students Grades 1 through 8

2007 Sponsors include-

HSBC-North America

Blue Cross/Blue Shield

Network of Michigan

Allegra Network

The Michigan Council on Economic Education “A Picture is Worth 1,000 Words” poster contest was developed to make learning about economics fun. Students design posters to illustrate one of the seven basic economic concepts. Twelve winners will be selected and awarded with savings bond. Winning entries will be used to create the 2006 Michigan Economics Concept Calendar.

Teachers:

Six concepts are aligned with the Michigan Standards and Benchmarks; Early, Later, and Middle School Levels
Stimulate interest in the fundamentals of our economic system
Help students learn about the economy and have fun doing it.
Provide your students an opportunity to creatively demonstrate their understanding of the economy.

Students:

Have fun while being introduced to the six basic economic concepts.
Illustrate in poster form one of the following concepts:
Scarcity, productive resources, opportunity costs, specialization, producers and consumers (both in one poster), and goods and services (both in one poster).

Winners:

Announcement and recognition of winners will occur during May, 2007.
Twelve winners will each receive a $50 savings bond provided by the Michigan Council on Economic Education. (Students social security numbers are required for payment).
The twelve winning posters will be highlighted in the HSBC/Michigan Council on Economic Education 2008 Concept Calendar.

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CONCEPT DEFINITIONS

ENTREPRENEURS: The entrepreneur assumes the risks of business failures and combines the productive resources to design, create, produce and sell new goods and services for the local, state, national and international markets.

SCARCITY: World resources are limited, so we cannot produce nor have everything we could possibly want. We must make choices about how best to use the limited resources in ways that give us the most satisfaction from our goods and services.

PRODUCTIVE RESOURCES: Production of goods and services in any economic system involves three types of resources; natural resources, human resources, and capital resources (any man-made instrument of production such as tools, machines, etc.) Examples of each resource used in making a pencil are wood (natural), the machine used to create pencils (capital), and the machine operator (human). Poster entry must illustrate all three types of resources.

OPPORTUNITY COSTS: What we give up when a resource is used for one purpose (then it cannot be used for something else). For example, if you have 50 cents and choose to buy a candy bar, you give up the enjoyment of eating an ice cream cone. A baker’s bag of flour used to bake bread cannot be used to bake cakes.

SPECIALIZATION: Efficiency is increased when firms and individuals produce the goods and services at which they are best, leaving the production of other goods to others. Individuals specialize in jobs they do best, too.

PRODUCERS AND CONSUMERS: Producers are the people and/or firms that 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 consumers and producers. Poster entry must illustrate both concepts.

GOODS AND SERVICES: Goods are tangible objects desired by consumers and supplied by producers. Services are intangible outputs produced in the economy. An example of goods would be: a car, books, furniture; services include things such as teaching, medical services, and counseling. Poster entry must illustrate both concepts.

Rules

Entries must strictly adhere to the following rules. Entries not in total compliance will not be judged.

All posters must be original entries drawn horizontally on an 81/2 X 11-inch white sheet of paper.

Entries must be in color, not black and white.

Entry must illustrate one of the six economic concepts:

Scarcity
Specialization
Opportunity Costs
Productive Resources
Goods and Services
Producers and Consumers

Text and artwork must be set in at least ½ inch from the edge of the paper.

The economic concept illustrated must be printed near the top of the drawing, spelled correctly and in large lettering.

Entries may not be folded.

Provide the following information on a 3x5 index card: must be lightly taped (for easy removal) onto the back of each poster (no paper clips):

Student’s name
Student’s home address
Student’s home phone number
School
Grade level
Teacher’s name, phone, and email
Student’s Birthday

DO NOT WRITE ON BACK OF POSTER

Teachers should send their best entries. Each teacher submitting entries must include one completed Teacher Entry Form.

Entries must be postmarked by April 30, 2007.

Judging will be supervised by the Center for Economic Education, Northern Michigan University.

All decisions are final.

Entry Form

Complete one copy of the following form and submit with all entries.

Teacher Name______________________________________________________________

School____________________________________________________________________

School District ______________________________________________________________

School Address_____________________________________________________________

City_______________________________________________________________________

Phone_____________________________________________________________________

E-mail_____________________________________________________________________

Grade Level_________________________________________________________________

Number of Posters Submitted___________________________________________________

All entries become the property of the Michigan Council on Economic Education and winning entries may be used with names of entrants for publicity purposes.

Signature of Teacher__________________________________________________________

Send completed entry form and posters to:

Picture is Worth 1,000 Words Poster Contest

Center for Economic Education

Northern Michigan University

1401 Presque Isle Ave.

Marquette, Michigan 49855-5360

Phone: MCEE 248.596.9560

NMU CEE 906.227.1218

Website:www.mceeonline.org

Email: cee@nmu.edu

MCEE NETWORK

David A. Dieterle

President

CENTERS FOR ECONOMIC EDUCATION

Central Michigan University

David A. Dieterle, Interim Director

Eastern Michigan University

David Leapard, Director

Ferris State University

Big Rapids

Grand Rapids

Abdi Ferdowsi, Co-Director

Michelle Johnston, Co-Director

Kalamazoo College

Patrik Hultberg, Interim Director

Northern Michigan University

Tawni Ferrarini, Director

Saginaw Valley State University

Jim Leming, Director

Walsh College

Joe Weglarz, Director

University of Michigan-Dearborn

Brooks Hull, Director