The basic economic problem GapFill

Economics is regarded as   a physical sciencea commercial subjecta critical subjecta social science because it explores society and   physicalhumansocialscientific behaviour. One of the most important assumptions in the study of economics is the   scarcityallocativerational ceteris paribus assumption. In economics a statement is said to be   negativenormativecorrectpositive 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   positivecorrectnormativerational statement. The basic economic problem in the study of economics is that of  what to producescarcityallocationhow to produce. This means that finite   raw materialsoutputsgoodsresources are competing with   limitedgoodinfinitefew needs and wants. Economic resources are either   plentynaturalrenewablescarce or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costsirrational choicesdecisionschoices.