How do I make the sprite (game object) scale and re position itself corresponding to the screen resolution? I guess like a UI in a canvas
It does that already. This is a property of how cameras work.
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It doesnt seem to do that for me, like this [red circle] doesnt resize and reposition according to the camera
Your camera view hasn’t gotten any bigger. It’s constrained by the top and bottom in this case, not by the sides.
Stretch that window out some vertically, and you’ll see the platform and character all get bigger.
No. On a device your camera display scales to fit the screen. In the editor, what the display does depends on what you have selected in the Game tab. You can set that up to keep a certain aspect ratio, in order to test what it would look like on a certain device. Or you can set it to “free” and it will just fill the whole tab, whatever shape & size that happens to be.
From your screen shot, it looks to me like you have it locked to a certain aspect ratio (but you cut off the actual menu at top-left, so I can’t say exactly what ratio that is).
Ok, I have a problem. I set the aspect ratio to (Cricle circle) 
and when I export it, it goes back to default standalone aspect, also I went into free aspect, but how do I set it up to a iphone resolution setup and able to export that same resolution setting?
The resolution setting is for use in the editor. When you export (I assume you mean “build”) a game and run it on a device, the resolution of that device is whatever it is.
then how can I make the view port shows the actual resolution or aspect ratio of the game if it were to be build for the iphone so that I can correctly line up and scale the obj accordingly?