We must make choices about how best to use the limited resources we have. Economic systems allocate our limited resources in ways that give us the most satisfaction from the goods and services produced. Poster entry must illustrate all three types of resources . 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. If the baker uses a bag of flour to bake bread, he cannot use the same bag of flour to bake cakes.
Individuals specialize in jobs they do best, too.
Consumers use the goods and services produced to satisfy their wants and needs. Individuals are both producers and consumers. Poster entry must illustrate both concepts . Goods are tangible objects desired by consumers and supplied by producers. Services are intangible outputs produced in the economy.