The basic economic problem GapFill

Economics is regarded as   a social sciencea commercial subjecta physical sciencea critical subject because it explores society and   scientificsocialphysicalhuman 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   positivenormativecorrectnegative 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   positiverationalnormativecorrect statement. The basic economic problem in the study of economics is that of  how to producewhat to producescarcityallocation. This means that finite   raw materialsoutputsgoodsresources are competing with   limitedfewinfinitegood needs and wants. Economic resources are either   naturalscarceplentyrenewable or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costsirrational choiceschoicesdecisions.