The basic economic problem GapFill

Economics is regarded as   a physical sciencea social sciencea critical subjecta commercial subject because it explores society and   scientificsocialhumanphysical behaviour. One of the most important assumptions in the study of economics is the   scarcityceteris paribusallocativerational 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   normativecorrectrationalpositive statement. The basic economic problem in the study of economics is that of  how to produceallocationscarcitywhat to produce. This means that finite   raw materialsoutputsresourcesgoods are competing with   goodfewinfinitelimited needs and wants. Economic resources are either   plentynaturalrenewablescarce or non-renewable. Since economic resources are scarce, economic agents must make  choicesdecisionsirrational choicesopportunity costs.