The basic economic problem GapFill

Economics is regarded as   a critical subjecta commercial subjecta social sciencea physical science because it explores society and   scientificphysicalhumansocial behaviour. One of the most important assumptions in the study of economics is the   ceteris paribusrational scarcityallocative assumption. In economics a statement is said to be   positivenegativecorrectnormative when it is based on facts and when it can be tested and proved. When a statement is showing an opinion, it is called a   positivecorrectrationalnormative statement. The basic economic problem in the study of economics is that of  what to produceallocationscarcityhow to produce. This means that finite   resourcesraw materialsoutputsgoods are competing with   goodfewlimitedinfinite needs and wants. Economic resources are either   plentynaturalrenewablescarce or non-renewable. Since economic resources are scarce, economic agents must make  choicesopportunity costsirrational choicesdecisions.