Economic methodology GapFill

Economics is regarded as   a social sciencea physical sciencea critical subjecta commercial subject because it explores society and   socialscientificphysicalhuman behaviour. One of the most important assumptions in the study of economics is the   scarcityrational ceteris paribusallocative 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   correctnormativerationalpositive statement. The basic economic problem in the study of economics is that of  scarcitywhat to producehow to produceallocation. This means that finite   outputsresourcesgoodsraw materials are competing with   goodlimitedinfinitefew needs and wants. Economic resources are either   scarcenaturalplentyrenewable or non-renewable. Since economic resources are scarce, economic agents must make  choicesirrational choicesdecisionsopportunity costs.