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Economic methodology GapFill

Target Level
C
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Economics is regarded as   a critical subjecta physical sciencea social sciencea commercial subject because it explores society and   socialphysicalscientifichuman behaviour. One of the most important assumptions in the study of economics is the   allocativerational ceteris paribusscarcity assumption. In economics a statement is said to be   positivecorrectnegativenormative 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   rationalpositivecorrectnormative statement. The basic economic problem in the study of economics is that of  allocationwhat to producescarcityhow to produce. This means that finite   resourcesoutputsraw materialsgoods are competing with   goodfewinfinitelimited needs and wants. Economic resources are either   naturalplentyscarcerenewable or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costsirrational choiceschoicesdecisions.

This is your 1st attempt! You get 3 marks for each one you get right. Good luck!

Pass Mark
72%