Scarcity Exists Because

question 127

Multiple Choice

Scarcity exists because

• A)of unlimited resources.
• B)human wants are enormous relative to the means available to satisfy them.
• C)production is limited only by technology and human energy.
• D)advertising creates unnatural desires for surplus goods.

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Definitions:

Personal Liability

The legal responsibility of an individual to settle debts or legal claims from their own assets.

Partnership's Obligations

The legal and financial duties that a partnership owes to others, including partners, creditors, and the public.

Income

Money or goods received, especially on a regular basis, as a result of labor, investments, or business activities.

Federal Income Tax Returns

Documents filed with the IRS to report annual income, deductions, and applicable taxes owed or refunds due to taxpayers.