1、 The problem we arefaced with is that our resources, here identified as money, are __1__. The onlyway we can resolve our problem is to make choices. After looking at ourresources, we must examine our list of __2__ and identify the things we needimmediately, those we can postpone, and __3__ we cannot afford. As individuals,we face the central problem involved in economics-deciding just how to allocateour limited our limited resources to provide __4__ with the greatestsatisfaction of our wants.Nations face the sameproblem. As a country''s population ___5__, the need for more goods and servicesgrows correspondingly. Resources necessary to production may increase, butthere __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 theconference room of the corporation __7__ of directors, or in the chamber of theHouse of Representatives in Washington,the basic problem still exists. We need to find __8__ of allocating limitedresources in order to satisfy unlimited wants.A short time agoeconomists divided goods into two categories, free and economic. The former,like air and water, were in __9__ abundance that economists had no concern forthem. 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 government''s involvement in cleaning theenvironment.In the 1990s,almost all goods are __13__. Only by effort and money __14__ obtained in theform people wish.Meeting needs ofpeople and the demands from resource available __15__ the basic activity ofproduction. In trying to meet unlimited wants from limited economic goods,production leads to new problems in economics.EXERCISE:
