The basic economic problem GapFill

Economics is regarded as   a commercial subjecta critical subjecta social sciencea physical science because it explores society and   scientificphysicalsocialhuman behaviour. One of the most important assumptions in the study of economics is the   ceteris paribusallocativescarcityrational assumption. In economics a statement is said to be   negativenormativepositivecorrect 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   correctpositiverationalnormative statement. The basic economic problem in the study of economics is that of  how to produceallocationwhat to producescarcity. This means that finite   resourcesgoodsraw materialsoutputs are competing with   infinitefewgoodlimited needs and wants. Economic resources are either   naturalscarceplentyrenewable or non-renewable. Since economic resources are scarce, economic agents must make  irrational choicesdecisionsopportunity costschoices.