The economic problem GapFill

Economics is regarded as   a commercial subjecta critical subjecta social sciencea physical science because it explores society and   humanphysicalsocialscientific 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   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   rationalpositivecorrectnormative statement. The basic economic problem in the study of economics is that of  allocationhow to producewhat to producescarcity. This means that finite   goodsoutputsraw materialsresources are competing with   goodlimitedfewinfinite needs and wants. Economic resources are either   renewablenaturalscarceplenty or non-renewable. Since economic resources are scarce, economic agents must make  choicesirrational choicesopportunity costsdecisions.