The basic economic problem GapFill

Economics is regarded as   a social sciencea critical subjecta physical sciencea commercial subject because it explores society and   scientifichumanphysicalsocial behaviour. One of the most important assumptions in the study of economics is the   allocativeceteris paribusrational scarcity assumption. In economics a statement is said to be   correctnegativepositivenormative 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   rationalpositivenormativecorrect statement. The basic economic problem in the study of economics is that of  what to producehow to produceallocationscarcity. This means that finite   outputsraw materialsgoodsresources are competing with   fewinfinitegoodlimited needs and wants. Economic resources are either   naturalscarcerenewableplenty or non-renewable. Since economic resources are scarce, economic agents must make  choicesirrational choicesdecisionsopportunity costs.