The basic economic problem GapFill

Economics is regarded as   a physical sciencea social sciencea critical subjecta commercial subject because it explores society and   humansocialphysicalscientific behaviour. One of the most important assumptions in the study of economics is the   allocativerational scarcityceteris paribus 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   correctpositivenormativerational statement. The basic economic problem in the study of economics is that of  allocationscarcityhow to producewhat to produce. This means that finite   goodsraw materialsoutputsresources are competing with   infinitelimitedfewgood needs and wants. Economic resources are either   scarcerenewableplentynatural or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costschoicesdecisionsirrational choices.