Do you think the study of economics is necessary in a situation of abundant resources?

[Mataracy]

To me personally it is very necessary to study economics in the face of abundant resources in the sense that; if the abundance resource is not well economize and manage it may be waste without meeting any needs of people.

We study economics for the following reason.

(1) It enables us to think. We are able to apply its principles to solve practical issues or problems and thus avoid unnecessary and costly mistakes.

(2) The study of economics enables the individual yo understand better the relationship between himself and his fellow human beings in his effort to make a living.
This may have a statutory effect on his personal progress.

(3) It is the aim of economics as a discipline, to build up a body of principle and to furnish the economist with the tools of economic analysis that will enable him not only to understand current economic problems but also to see the economic consequence of pursuing a particular line of policy.

The study of economics, therefore enables us to detect and point out the merit and demerit of any government policy with regard to the community.

(4) The study of economics enables the individual to make right decision on the spending of his money.
It does not make him a miser; rather, it enables him yo ensure that he derives maximum satisfaction from the money he spends on any thing.

(5) The knowledge if economics also help us to give practical advice.
Since society is face with the problems of scarcity and choices.

Do we really need to be studying economics in the face of abundance?

 

[Good luck]

Yes,the study of economics is very relevant in abundant society because it is the only measure to see the growth of every community.Economics has really sharpen various countries and how resources can be managed successfully to have a better results.If there is no economics,there will be mismanagement of funds which will not help the society to grow.It is very important to know about economics.

 

[Kingsley]

Economics is the study of human behaviour in relationship with to ends and scares means which has alternative uses. the study of economics has given us the knowledge on how to manage our resources and to make the very best and most accurate and well informed decisions. The study of economics has helped the human race to understand how to manage the scare resource that we have both at the macro level and the micro level.

Now in the case of having abundant resource which is not really new to the principles of economics, this situation is what we refer to as under population, a country is said to be under populated when the resource of that country outweighs it citizens . In such a situation what the government of such a country must do is open up the country for other nationals to come in and harness the wealth of resource that is embedded in that country. This will increase productivity of the nation of they can get more Labour. This is exactly the case in Canada, as we can see the Canadian government opened up their country for foreigners to come in and work and have a good life and this has greatly improved their standard of living.