Absence of Scarcity would mean the absence of Economics because scarcity is the root of all economics problem. Scarcity means humans want\’s are unlimited and resources to satisfy them are limited. If there would be no scarcity (if resources to satisfy human want\’s are unlimited), so there would be no need of Economics and we wouldn\’t be studying this subject now. Economic problems exist because Resources are scarce.

Yes,economics in a very basic sense is optimization given the constraints. Scarcity is the biggest and real constraint of our lives.Lets understand with an example,suppose everybody has a lot of money,a lot to buy anything.What would the world look like?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 all about how to manage and utilise our limited natural resources in sustainable way. Here scarcity means the Unabundance of of needs and wants. Therefore the microeconomics is whole and sole based on the scarcity of resources and unlimited needs of our people.

Yes,economics in a very basic sense is optimization given the constraints. Scarcity is the biggest and real constraint of our lives.Lets understand with an example,suppose everybody has a lot of money,a lot to buy anything.What would the world look like?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.Whereas,in reality we as individuals have our income as constraint and we cannot spend more than that.Same goes for the economy as whole, a country makes policy and plans and talks about efficiency ,only because a country has geographical,social,economic and political constraints and it has to make the best out of what it has got.The central problem of economics deals with optimization given the constraints.So,the logic follows.\xa0