The basic economic problem GapFill

Economics is regarded as   a critical subjecta commercial subjecta physical sciencea social science because it explores society and   humansocialphysicalscientific behaviour. One of the most important assumptions in the study of economics is the   rational scarcityceteris paribusallocative 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   normativerationalcorrectpositive statement. The basic economic problem in the study of economics is that of  what to producehow to produceallocationscarcity. This means that finite   raw materialsresourcesoutputsgoods are competing with   limitedinfinitefewgood needs and wants. Economic resources are either   renewablenaturalscarceplenty or non-renewable. Since economic resources are scarce, economic agents must make  choicesopportunity costsdecisionsirrational choices.