Question

Describe what the world might be like if scarcity did not exist

Answer 1

If scarcity did not exist, then there would be an abundance of everything in the world. The laws of supply and demand will be irrelevant and there would be no need for a central authority to regulate economic activity. However, people would still be forced to decide on how to spend their time

Answer 2

If there is no scarcity in the world, everything will be unlimited. This is unlikely to happen due to conservation laws. Everything comes from something. So, when we continue to consume something, eventually, it will run out if no supply is given. However, if there is no scarcity in the world, there will be no greed and war between nations. People would also tend to be complacent. Humans have continued to make developments due to need. But if everything is in abundance, it may influence the people to be comfortable which will dampen development.