The economic problem GapFill

Economics is regarded as   a physical sciencea commercial subjecta critical subjecta social science because it explores society and   scientificphysicalsocialhuman behaviour. One of the most important assumptions in the study of economics is the   scarcityceteris paribusrational allocative assumption. In economics a statement is said to be   normativepositivecorrectnegative 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   positivecorrectrationalnormative statement. The basic economic problem in the study of economics is that of  what to produceallocationhow to producescarcity. This means that finite   raw materialsgoodsoutputsresources are competing with   fewgoodlimitedinfinite needs and wants. Economic resources are either   plentyscarcerenewablenatural or non-renewable. Since economic resources are scarce, economic agents must make  decisionsirrational choiceschoicesopportunity costs.