The basic economic problem GapFill

Economics is regarded as   a physical sciencea commercial subjecta critical subjecta social science because it explores society and   physicalsocialhumanscientific behaviour. One of the most important assumptions in the study of economics is the   scarcityrational ceteris paribusallocative assumption. In economics a statement is said to be   correctnormativepositivenegative 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  scarcityhow to producewhat to produceallocation. This means that finite   raw materialsgoodsoutputsresources are competing with   goodlimitedinfinitefew needs and wants. Economic resources are either   plentyrenewablenaturalscarce or non-renewable. Since economic resources are scarce, economic agents must make  irrational choicesdecisionschoicesopportunity costs.