Economic methodology GapFill

Economics is regarded as   a commercial subjecta social sciencea critical subjecta physical science because it explores society and   scientifichumanphysicalsocial 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   negativenormativepositivecorrect 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  what to producehow to produceallocationscarcity. This means that finite   goodsoutputsraw materialsresources are competing with   goodinfinitelimitedfew needs and wants. Economic resources are either   naturalscarcerenewableplenty or non-renewable. Since economic resources are scarce, economic agents must make  choicesirrational choicesopportunity costsdecisions.