Using Audacity to record audio for captivate project

I am new to audacity, but it seems to give a higher cquality audio for voice recording than captivate - with audacity, I can remove th background static (I coundlt' fine if and hos to do this in captivate). However, I am new to audacity. I notice the audi file size is pretty big. Here are the quality settings. What do you think I shoudl be selecting for settings?

thanks