The basic economic problem GapFill

Economics is regarded as   a critical subjecta commercial subjecta physical sciencea social science because it explores society and   physicalhumanscientificsocial behaviour. One of the most important assumptions in the study of economics is the   rational scarcityallocativeceteris paribus assumption. In economics a statement is said to be   negativecorrectpositivenormative 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   correctnormativepositiverational statement. The basic economic problem in the study of economics is that of  what to produceallocationscarcityhow to produce. This means that finite   raw materialsgoodsresourcesoutputs are competing with   infinitegoodfewlimited needs and wants. Economic resources are either   scarcerenewablenaturalplenty or non-renewable. Since economic resources are scarce, economic agents must make  choicesopportunity costsdecisionsirrational choices.