The basic economic problem GapFill

Economics is regarded as   a commercial subjecta critical subjecta social sciencea physical science because it explores society and   physicalsocialhumanscientific 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   correctnormativenegativepositive 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   positiverationalnormativecorrect statement. The basic economic problem in the study of economics is that of  what to produceallocationscarcityhow to produce. This means that finite   resourcesgoodsoutputsraw materials are competing with   infinitegoodfewlimited needs and wants. Economic resources are either   scarcerenewableplentynatural or non-renewable. Since economic resources are scarce, economic agents must make  decisionsopportunity costsirrational choiceschoices.