The economic problem GapFill

Economics is regarded as     a physical sciencea social sciencea critical subjecta commercial subject because it explores society and     scientifichumansocialphysical behaviour. One of the most important assumptions in the study of economics is the     scarcityallocativeceteris paribusrational assumption. In economics a statement is said to be     correctpositivenormativenegative 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     rationalcorrectpositivenormative statement. The basic economic problem in the study of economics is that of    how to produceallocationwhat to producescarcity. This means that finite     raw materialsgoodsresourcesoutputs are competing with     limitedinfinitefewgood needs and wants. Economic resources are either     naturalplentyscarcerenewable or non-renewable. Since economic resources are scarce, economic agents must make    irrational choiceschoicesopportunity costsdecisions.