The basic economic problem GapFill

Economics is regarded as   a commercial subjecta critical subjecta social sciencea physical science because it explores society and   humanscientificsocialphysical behaviour. One of the most important assumptions in the study of economics is the   rational allocativescarcityceteris paribus assumption. In economics a statement is said to be   positivecorrectnegativenormative 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   positiverationalcorrectnormative statement. The basic economic problem in the study of economics is that of  how to producewhat to producescarcityallocation. This means that finite   outputsraw materialsgoodsresources are competing with   infinitefewlimitedgood needs and wants. Economic resources are either   naturalscarcerenewableplenty or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costsdecisionsirrational choiceschoices.