Question

In every economic system, scarcity imposes limitations on a. households, business firms, governments, and the nation as a whole b. households and business firms, but not the governments c. local and state governments, but not the federal government d. households and governments, but not business firms e. business firms, governments, and the nation as a whole

Answer 1

Answer: a) households, business firms, governments, and the nation as a whole

Explanation:

Scarcity means shortage in availability or supply. It affects all because households, business firms, government will always have a need that must be satisfied. They fall under supplier or consumers. Scarcity can cause higher demand irrespective of the price