The economic problem GapFill

Economics is regarded as   a social sciencea physical sciencea critical subjecta commercial subject because it explores society and   socialphysicalscientifichuman 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   negativenormativecorrectpositive 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   positivecorrectnormativerational statement. The basic economic problem in the study of economics is that of  how to produceallocationwhat to producescarcity. This means that finite   goodsresourcesraw materialsoutputs are competing with   infinitegoodfewlimited needs and wants. Economic resources are either   plentynaturalscarcerenewable or non-renewable. Since economic resources are scarce, economic agents must make  opportunity costschoicesdecisionsirrational choices.