In Any Economic System,scarce Resources Have to Be Allocated Among

question 1

Multiple Choice

In any economic system,scarce resources have to be allocated among competing uses.Market economies harness the forces of

• A)government to allocate scarce resources.
• B)supply and demand to allocate scarce resources.
• C)credit cards to allocate scarce resources.
• D)nature to allocate scarce resources.

---

Definitions:

Reciprocal Obligations

Mutual duties or responsibilities that parties owe to each other.

Harmony

A state of agreement, concord, or peaceful relations among individuals or groups.

Roles

The functions or positions that individuals are expected to perform in a specific context or system.

Face

In social psychology, it refers to an individual's sense of prestige, dignity, or social standing in the eyes of others.