Economic methodology GapFill

Economics is regarded as   a physical sciencea critical subjecta commercial subjecta social science because it explores society and   scientifichumansocialphysical behaviour. One of the most important assumptions in the study of economics is the   rational scarcityceteris paribusallocative assumption. In economics a statement is said to be   normativenegativecorrectpositive 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   normativecorrectpositiverational statement. The basic economic problem in the study of economics is that of  what to producescarcityhow to produceallocation. This means that finite   outputsgoodsraw materialsresources are competing with   limitedgoodinfinitefew needs and wants. Economic resources are either   naturalplentyscarcerenewable or non-renewable. Since economic resources are scarce, economic agents must make  decisionschoicesopportunity costsirrational choices.