Economic methodology GapFill

Economics is regarded as   a social sciencea critical subjecta commercial subjecta physical science because it explores society and   physicalsocialhumanscientific 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   positivenegativenormativecorrect 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   positiverationalnormativecorrect 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   infinitefewlimitedgood needs and wants. Economic resources are either   naturalscarceplentyrenewable or non-renewable. Since economic resources are scarce, economic agents must make  choicesdecisionsopportunity costsirrational choices.