Answer to Question #82083 in Microeconomics for Counsellor Counsellor

Question

Why study economics when resources are in abundance?

Answer 1

Economics is generally based on scarcity. Therefore, in a case where resources are in abundance and there is no scarcity, then there is no need to rationalize resources to satisfy unlimited needs. In this line of thought, it is unnecessary for a person to study economics when resources are in abundance.