3. Give an example of a trade-off your school or local government might have to make. Describe the issues on both sides of the debate.
4. Name one decision you made recently. What were the possible opportunity costs of that
decision?
5. Suppose that a country has the resources to produce 3 million cars and 100 million tons of iron
ore every year. Why is it a problem if the country produces 2 million cars and 75 million tons
of iron ore one year?
6. From 2000 to 2010, the gross domestic product in the United States grew at an average annual
rate of 3.4 percent. What do you think happened to the production possibilities frontier?

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Match the definition to the word for a better understanding of the paragraph. 1 money does not buy happiness or security. 2john ringling, one of the five brothers of the ringling brothers circus, started out in 1884 with a trained horse and a performing bear. 3for over forty years, he worked hard at the family enterprise, bought up smaller circuses, and imported new acts. 4in the 1920s, he was rated as one of the world's wealthiest men and owned every sizable circus in the country. 5over 5,000 people were on his payroll, and over 240 railroad cars were in his retinue each time the circus moved. 6at the time of his death, however, he was a nervous, unhappy man; he was also bankrupt and beset by lawsuits. 7his carefully built circus empire passed into alien hands. 8all those years of work had turned to dust. 1. business organization alien 2. group beset 3. without funds to pay debts retinue 4. troubled or harassed enterprise 5. strange; belonging to another person, place, country, or thing bankrupt