The basic economic problem GapFill

Economics is regarded as   a physical sciencea critical subjecta social sciencea commercial subject because it explores society and   humansocialphysicalscientific behaviour. One of the most important assumptions in the study of economics is the   rational allocativeceteris paribusscarcity assumption. In economics a statement is said to be   correctnormativenegativepositive 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   positivenormativecorrectrational statement. The basic economic problem in the study of economics is that of  how to producewhat to producescarcityallocation. This means that finite   raw materialsgoodsresourcesoutputs are competing with   goodlimitedfewinfinite needs and wants. Economic resources are either   renewableplentynaturalscarce or non-renewable. Since economic resources are scarce, economic agents must make  irrational choicesdecisionschoicesopportunity costs.