Color the Concepts - Econ Poster Contest

What are students in grades K-8 challenged to illustrate?

• One of ten economics concepts

• A famous historical event

• A scientific experiment

• A mathematical equation

What is offered as a reward for the challenge?

• Cash prizes

• Free books

• Extra credit

• A field trip

What is the term for the limited nature of society's resources?

• Opportunity Cost

• Scarcity

• Specialization

• Budgeting

Which concept involves making choices between different options due to limited resources?

• Needs and Wants

• Consumers and Producers

• Opportunity Cost

• Investing

What are the items called that satisfy human desires and needs?

• Goods and Services

• Productive Resources

• Specialization

• Budgeting

Who are the people or entities that use goods and services?

• Producers

• Consumers

• Investors

• Entrepreneurs

What is the main objective of the "Color the Concepts" lesson plan?

• To teach students how to draw

• To help students select, research, and illustrate financial literacy concepts

• To improve students' handwriting

• To learn about historical events

Which of the following is NOT one of the concepts students can choose from in the lesson plan?

• Scarcity

• Opportunity Cost

• Photosynthesis

• Budgeting

What does the term "scarcity" mean?

• Having more than enough resources

• When there are limited resources to fit our needs

• An abundance of resources

• Unlimited resources available

What is the definition of opportunity cost?

• The money you spend on something

• The time you spend doing something

• What you give up in order to do or get something else

• The effort you put into a task