Question

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

Answer 1

Also included in the definition of economics is this statement: Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem.

Answer 2

Economics is the study of production of goods and services, their distribution in the market, its consumption and other related services. Hence, in the absence of scarcity, it would be logical to think that every product or service would have been obtained from others voluntarily and freely or in exchange.

Since this is not the case, goods and services have to be bought for a price from their sources. Economics studies the behaviour of various factors that are involved in this process.