Before you get the idea that economics is (47)______ only for politics or business, we should mention that economics focuses on all the choices people make and the personal and social consequences of these choices. Some choices involve money, but many do not. Thus, even (48)______ non-economic decisions fall within the field of economics. Most decisions involve attempts to balance costs against benefits, which may or may not be (49)______ with money. For example, many costs and benefits are primarily psychological.
Will you continue college (potential benefits include higher lifetime income, the joy of learning, or good times and personal contacts; costs include (50)______ for tuition and books, the hard work of sitting through dull classes, and the income you could be making right now). What will be your major area of study (Will you only take classes in lucrative (赚钱的) fields, or will you (51)______ enjoyment of the subject matter against potential monetary (金钱的) rewards Where will you live and work Should you marry If so, when To whom (Marriage involves both financial and psychological costs and benefits.) Should you have children If so, how many / how will you spend your limited income Your decisions about these and other economic choices will (52)______ your life.
Economics looms large (赫然出现) in everyday life, but you may know little about it as a field of study. You have probably heard words such as prices, costs, profit, supply and (53)______, inflation, unemployment, and socialism argued about for much of your life. Right now, you may be doubtful about the models, graphs, and theories that economists use to (54)______ how the world works. These concepts and many more are (55)______ into the fabric of economics. We believe that when you finish this book you will join us in the view that the economic way of thinking offers valuable (56)______ into our everyday interactions with one another—producing, consuming, voting, and struggling for the good life.
Word Bank
A) woven B) relevant C) complete
D) shape E) weigh F) advisable
G) seemingly H) analysis I) interpret
J) expenses K) insights L) positively
M) measurable N) stable O) demand