Answer:

Economy without Scarcity

There is no economy in the world that is without scarcity. Scarcity is a fundamental concept in economics because it implies that there are limited resources available to satisfy unlimited wants and needs. However, some economies may have less scarcity than others, depending on their level of development, natural resources, and technological advancement.

Pre-independent Indian economy

The pre-independent Indian economy was primarily based on agriculture, and most of the people were farmers. Although India had abundant natural resources, including fertile land and water, there were still significant shortages of food, especially during droughts and famines. Therefore, the pre-independent Indian economy was not without scarcity.

Mythical economy

A mythical economy where everyone is a billionaire is a theoretical concept that does not exist in reality. Even if everyone had unlimited wealth, there would still be scarcity of certain resources such as time, land, and labor. Additionally, if everyone were a billionaire, it would create imbalances in the economy, resulting in inflation and other economic problems.

An economy where income is distributed equally

An economy where income is distributed equally among people is also a theoretical concept that does not exist in reality. Even in socialist economies, where there is an attempt to redistribute wealth, there are still scarcities of certain goods and services, and some people may have more access to resources than others.

Conclusion

In conclusion, there is no economy without scarcity. Scarcity is a fundamental concept in economics that implies that resources are limited, and there are unlimited wants and needs. While some economies may have less scarcity than others, no economy can completely eliminate the problem of scarcity.