The economic problem GapFill

Economics is regarded as   a physical sciencea critical subjecta commercial subjecta social science because it explores society and   scientificphysicalsocialhuman behaviour. One of the most important assumptions in the study of economics is the   ceteris paribusrational allocativescarcity assumption. In economics a statement is said to be   correctpositivenegativenormative 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   correctrationalnormativepositive statement. The basic economic problem in the study of economics is that of  how to producescarcityallocationwhat to produce. This means that finite   goodsoutputsraw materialsresources are competing with   limitedgoodinfinitefew needs and wants. Economic resources are either   naturalscarceplentyrenewable or non-renewable. Since economic resources are scarce, economic agents must make  decisionschoicesopportunity costsirrational choices.