Absence of scarcity would mean absence of economics. Explain with logical reasoning. ... Nobody's going to work,no production,no costs,no profits,no exchange rates,no trade,simply there would be no need of any of the economic agents,economic concepts.So,no economics would exist.

Economics is a social science that studies the production, consumption, and distribution of goods and services. It deals with the allocation of resources to satisfy unlimited human wants in the face of scarce resources. Scarcity is the fundamental problem of economics, which means that there are not enough resources to satisfy all human wants. Therefore, scarcity is a necessary condition for the existence of economics.



If there were no scarcity, then economics would have no importance because there would be no need to allocate resources since all human wants would be satisfied. If there were unlimited resources available to satisfy all human wants, then economics would be irrelevant. However, this is not the case in the real world. There are limited resources available, and human wants are unlimited, which creates scarcity.



Scarcity is the foundation of economics. It is the starting point for all economic analysis. Scarcity forces people to make choices about how to allocate resources to satisfy their wants. Economics studies how people make these choices and how they allocate resources to satisfy their wants. In the absence of scarcity, there would be no need to study how people make choices and allocate resources.



In conclusion, scarcity is a necessary condition for the existence of economics. Without scarcity, economics would be irrelevant because there would be no need to allocate resources since all human wants would be satisfied. Therefore, scarcity is the foundation of economics, and it is the starting point for all economic analysis.