In a Market Economy,scarcity of Resources Is Most Clearly Reflected

question 145

Multiple Choice

In a market economy,scarcity of resources is most clearly reflected in

• A)supply.
• B)demand.
• C)market prices.
• D)the stock of the resource.

---

Definitions:

Personally Liable

The legal responsibility of an individual to compensate for debt or obligation from personal assets, not through corporate or shared assets.

Sole Proprietorship

A business structure where a single individual owns and operates the business, personally responsible for all its debts and liabilities.

Legal Structure

The way a business is organized legally, affecting liability, tax requirements, and regulatory obligations. Common forms include sole proprietorship, partnership, corporation, and LLC.

Startups

Newly established businesses, often in the technology sector, focusing on innovative products or services with a scalable business model.