Answer to Question #170367 in Economics for Obed Owusu

Question

Should we study economics even if there is abundantly provided resources

Answer 1

A study of economics help people find the most efficient way to utilize those rich resources in a non-wasteful way so that the standards of living can increase.

In theory, if there was no scarcity the price of everything would be free, so there would be no necessity for supply and demand. And economics wouldn't exist in such form in which we know and study it know.