Gee

Question 1

Give up part of one thing for part of another

Answer 1

Limited tradeoffs

Question 2

Combinations of goods and services that are chosen

Answer 2

Profuction possibilities

Question 3

Choice to spend more on social programs or on defense

Answer 3

Guns v butter

Question 4

Welfare, health care, education

Answer 4

Social programs

Question 5

Military

Answer 5

Defense

Question 6

Machines, buildings, cash

Answer 6

Capital resources

Question 7

Factory worker

Answer 7

Human resource

Question 8

Earth, space, ocean

Answer 8

Land

Question 9

Trees, animals, minerals

Answer 9

Natural resources

Question 10

Business owners, business managers

Answer 10

Entrepeneurship

Question 11

Computers, robotics

Answer 11

Technology

Question 12

Give up one thing to get something else

Answer 12

Trade off

Question 13

Looks to the past for the answers. Often based on customs of the religious belief

Answer 13

Traditional economy

Question 14

Factors of production completely controlled by the government

Answer 14

Command economy

Question 15

Dollar value of the trade off we make

Answer 15

Opportunity cost