Scarcity Exists Because Of

question 88

Multiple Choice

Scarcity exists because of:

• A)​the allocation of goods by prices.
• B)​specialization and division of labor.
• C)​the market mechanism.
• D)​unlimited wants and limited resources.

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Definitions:

Bank Loans

Financial borrowings from a bank that need to be repaid with interest.

Partnership

A business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.

Legal Status

The standing of an entity or individual under the law, determining their rights, responsibilities, and liabilities.

Volunteer Work

involves performing tasks or providing services for the benefit of others or the community, without financial compensation.