Question

Without scarcity there is no need for studying economics

Answer 1

We can answer this question well by defining what economics is.

Economics

This is the social science concerned with the production, distribution and consumption of goods and services.

Given that there is scarcity, we need to study economics in order to know how to utilize the available resources.

If there were no scarcity, the we would never need to study economics.

Reason : The resources available would be enough to meet all the needs no matter how they are used.

Answer 2

Scarcity is the significant economic problem of having seemingly unlimited human wants in a world of incomplete resources or better still partial in supply relative to quantity demanded.

It states that society has inadequate creative resources to achieve all human wants and needs.

For something to be uncommon, something must be given up or dealt off in order to obtain it