The Central Problem of Economics
The central problem of economics is to satisfy the peoples and nations wants.
The problem we are faced with is that our resources, here identified as money, are __1__. The only way we can resolve our problem is to make choices. After looking at our resources, we must examine our list of __2__ and identify the things we need immediately, those we can postpone, and __3__ we cannot afford. As individuals, we face the central problem involved in economics-deciding just how to allocate our limited our limited resources to provide __4__ with the greatest satisfaction of our wants.
Nations face the same problem. As a countrys population ___5__, the need for more goods and services grows correspondingly. Resources necessary to production may increase, but there __6__ are enough resources to satisfy the total desires of a nation. Whether the budget meeting is taking place in the family living room, in the conference room of the corporation __7__ of directors, or in the chamber of the House of Representatives in Washington, the basic problem still exists. We need to find __8__ of allocating limited resources in order to satisfy unlimited wants.
A short time ago economists divided goods into two categories, free and economic. The former, like air and water, were in __9__ abundance that economists had no concern for them. After all, economics is the __10__ of scarcity and what to do about it. Today many of these free goods are __11__ very expensive to use. Pollution has made clean air and water expensive for producers extra costs, and __12__ taxpayers who pay for the governments involvement in cleaning the environment.
In the 1990s, almost all goods are __13__. Only by effort and money __14__ obtained in the form people wish.
Meeting needs of people and the demands from resource available __15__ the basic activity of production. In trying to meet unlimited wants from limited economic goods, production leads to new problems in economics.
EXERCISE:
1. A) limited B) unlimited C) scarcity D) abundant
2. A) want B) problem C) wants D) resources
3. A) those B) some C) others D) many
4. A) them B) themselves C) ourselves D) ours
5. A) expand B) extends C) grows D) increase
6. A) always B) sometimes C) often D) never
7. A) management B) function C) board D) group
8. A) people B) economists C ) way D) methods
9. A) so B) great C) such D) such an
10. A) form B) study C) means D) source
11. A) practically B) in practice C)in reality D) practicably
12. A) the B) / C) for D) with
13. A) plentiful B) scarce C) abundant D) in full supply
14. A) they can be B) can they be C) they must be D) must they be
15. A) are led to B) leads C) lead to D) leads to
KEY:
A C A C C D C D C B C C B B D
How to Pay for Your College Life 怎样为大学生活买单
My View on Part-time Job 兼职之我见
国际英语资讯:Spotlight: Will Turkish call for cooperation in Eastern Mediterranean bear fruit?
体坛英语资讯:Gallardo commits future to River Plate
国际英语资讯:India grants citizenship to over 3,900 people from Pakistan, Afghanistan, Bangladesh in 6 ye
体坛英语资讯:Everton to hand-in application for new stadium on controversial Liverpool waterfront site
国际英语资讯:Putin appoints new Russian cabinet members
国际英语资讯:British royal family allows Harry, Meghan to step back from royal duties
国际英语资讯:Spotlight: Turkey expects to be further involved in Libya after Berlin summit
Spending Money in Advance 超前消费
国际英语资讯:100 injured in clashes between protesters, riot police in Lebanons capital: TV report
国际英语资讯:Gunshots reportedly heard in Nimes, southern France
国际英语资讯:5 killed after under-construction building collapses in Indian capital
国际英语资讯:Trumps lawyers urge Senate to reject impeachment, acquit him speedily
国际英语资讯:Trump legal team slams House Democrats impeachment move in 1st formal response
国际英语资讯:EU health authority updates risk assessment of novel coronavirus
国际英语资讯:Interview: Chinas success in poverty reduction should be example for other countries: Camb
国际英语资讯:Lebanon forms new cabinet, PM vows to exert efforts to save country
国际英语资讯:EU preparing new enlargement methodology: Michel
国际英语资讯:Interview: UNGA president says education key to 2030 agenda, praises Chinas education succ
国际英语资讯:Brazil greenlights entry into WTO public-sector procurement accord
The Importance of Having Breakfast 吃早餐的重要性
国际英语资讯:Trump impeachment trial formally starts in Senate
国际英语资讯:Palestine accuses U.S. of turning Palestinian statehood to Israel-controlled cantons
国际英语资讯:India, Brazil sign 15 pacts to boost mutual cooperation
国际英语资讯:Japan to approve 40 bln USD extra budget to support reconstruction efforts, bolster SMEs
国际英语资讯:UN envoy to Yemen condemns Houthi missile attack on Maribs military camp
国际英语资讯:Uzbekistans parliament approves incumbent prime minister to lead govt
体坛英语资讯:Former Argentina forward Lavezzi announces retirement
国际英语资讯:Chinese Lunar New Year celebrations kick off with fanfare in Nigeria