Due to society's overall scarcity of resources,
A) only households are constrained by income
B) only government agencies are constrained by limited budgets
C) only business firms are constrained by the cost of buying their inputs
D) households,business firms and government agencies all face constraints
E) households and business firms face constraints,but government agencies do not

Question

Quizplus · Accepted Answer

Society's overall scarcity of resources means that all economic actors, including households, business firms, and government agencies, face constraints. The availability and allocation of resources are limited, and all economic actors have to make choices on how to use them efficiently to maximize their satisfaction or fulfill their objectives.

Due to Society's Overall Scarcity of Resources