The basic economic problem GapFill

Economics is regarded as   a physical sciencea commercial subjecta social sciencea critical subject because it explores society and   scientifichumanphysicalsocial behaviour. One of the most important assumptions in the study of economics is the   allocativerational ceteris paribusscarcity assumption. In economics a statement is said to be   normativenegativecorrectpositive 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   normativerationalcorrectpositive statement. The basic economic problem in the study of economics is that of  how to producewhat to produceallocationscarcity. This means that finite   resourcesoutputsraw materialsgoods are competing with   limitedgoodfewinfinite needs and wants. Economic resources are either   renewablenaturalplentyscarce or non-renewable. Since economic resources are scarce, economic agents must make  choicesirrational choicesdecisionsopportunity costs.