Would we need economics if resources were unlimited?

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• If resources became freely available in unlimited quantities

  392009 If resources became freely available in unlimited quantities, would there still be a need for economics? If resources became freely available in unlimited quantities, would there still be a need for economics?

• This posting addresses the need for economics.

  If people's wants were limited, or if resources were unlimited (not scarce), there would not be a need to study economics.

• Positive & Normative Economics and Market Efficiency Evolution

  Yet, if there were unlimited resources available, there would problems related to excess of resource. Economics would be required to explain how economies work and how economic agents interact.

• Scarcity of Resources

  If the resource is available in abundance then it is not considered to be scarce. In real world situation, needs and wants are unlimited but there are limited resources available to satisfy these requirements.

• basic economic problems

  Human wants are unlimited and thus, human beings need to make the best possible choice to make use of limited resources in a manner that satisfies their unlimited wants in the best possible manner.

• Opportunity cost

  In other words, economics is concerned with the efficient use or management of limited resources to achieve maximum satisfaction of unlimited human material needs and wants.

• The Production Possibilities Frontier

  318364 Scarcity And Choice One of the basic premises in Economics is that we have unlimited wants but limited resources that can be used to satisfy these wants.

• Scarcity And Choice: The Production Possibilities Frontier

  317603 Scarcity And Choice: The Production Possibilities Frontier One of the basic premises in Economics is that we have unlimited wants but limited resources that can be used to satisfy these wants.

• Foundation of economics

  fact refers to the factors of production or economic resources.