The economic problem GapFill

Economics is regarded as   a physical sciencea commercial subjecta social sciencea critical subject because it explores society and   physicalhumansocialscientific 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   normativecorrectpositivenegative 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   positivenormativecorrectrational statement. The basic economic problem in the study of economics is that of  allocationscarcitywhat to producehow to produce. This means that finite   outputsraw materialsgoodsresources are competing with   goodfewlimitedinfinite needs and wants. Economic resources are either   scarcerenewablenaturalplenty or non-renewable. Since economic resources are scarce, economic agents must make  irrational choicesdecisionschoicesopportunity costs.