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absence of scarcity would mean absence of economics.explain with logical reasoning

Posted by Sanjay Tanwar 4 years, 10 months ago

CBSE > Class 11 > Economics

1 answers

Altaaf Khan 4 years, 9 months ago

Absence of Scarcity would mean the absence of Economics because scarcity is the root of all economics problem. Scarcity means humans want's are unlimited and resources to satisfy them are limited. If there would be no scarcity (if resources to satisfy human want's are unlimited), so there would be no need of Economics and we wouldn't be studying this subject now. Economic problems exist because Resources are scarce.

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