Final answer:
The term that describes a limited resource restricting a company's ability to satisfy demand is 'Constraint'. It's a tangible limitation, unlike 'Opportunity Cost', which is a concept relating to the value of foregone alternatives, and 'Special Order', which is a kind of business transaction. Option b
Step-by-step explanation:
The correct answer to the question "Which of the following is a limited resource of some type that restricts the company's ability to satisfy demand?" is b.) Constraint. A constraint refers to any factor that limits a company's ability to fulfill its objectives, such as producing goods or services to meet consumer demand.
This restriction can arise from limitations in the factors of production, which include land, labor, capital, and entrepreneurship. Each of these components can act as a constraint if it is in insufficient supply.
In contrast, opportunity cost is the value of the next best alternative that must be forgone as a result of choosing one option over another. It is a concept closely related to the idea of trade-offs and is critical when making economic decisions, but it is not a tangible restriction like a constraint.
Special Order refers to a business deal that typically involves a request for a product or service outside the company's standard offerings, which also does not represent a limited resource itself.
The challenge of scarcity is fundamental to the field of economics, defined as the condition when human wants for goods and services exceed the available supply.
This condition necessitates choices that have associated opportunity costs. In a company's operations, when the demand for a product exceeds the ability of the company to supply it due to constraints, this reflects the economic principle of scarcity. Option b