The basic economic problem GapFill

Economics is regarded as   a social sciencea physical sciencea critical subjecta commercial subject because it explores society and   physicalhumansocialscientific 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   normativepositivenegativecorrect 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   rationalnormativecorrectpositive statement. The basic economic problem in the study of economics is that of  what to producehow to produceallocationscarcity. This means that finite   raw materialsresourcesgoodsoutputs are competing with   infinitefewlimitedgood needs and wants. Economic resources are either   naturalrenewableplentyscarce or non-renewable. Since economic resources are scarce, economic agents must make  decisionschoicesirrational choicesopportunity costs.