Economic methodology GapFill

Economics is regarded as   a critical subjecta physical sciencea commercial subjecta social science because it explores society and   socialscientificphysicalhuman behaviour. One of the most important assumptions in the study of economics is the   allocativescarcityceteris paribusrational assumption. In economics a statement is said to be   correctpositivenegativenormative 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   positivenormativerationalcorrect statement. The basic economic problem in the study of economics is that of  what to producescarcityallocationhow to produce. This means that finite   goodsraw materialsresourcesoutputs are competing with   goodinfinitefewlimited needs and wants. Economic resources are either   renewablenaturalscarceplenty or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costschoicesdecisionsirrational choices.