I come across this question while preparing for economics for the upcoming exam in the 2022-2023 session. I think the question will be the part of small questions or the part of the fundamental understanding of topics covered in 12th Microeconomics.
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No! This is not correct at all. The fact is economics rises due to scarcity of resource and its substitutes.
Plenty of resources and scarcity of resources could be some of the reasons.