which statement best describes the impact of scarcity? people are able to meet most of their needs. consumers must pay higher prices for many items. governments must try to meet the wants of citizens. economies can work to provide more goods and services.
Which statement best describes the impact of scarcity?
Answer:
The statement that best describes the impact of scarcity is: consumers must pay higher prices for many items. Scarcity refers to the limited availability of resources in comparison to the unlimited wants and needs of individuals. When resources are scarce, the demand for these resources often exceeds their supply, leading to an increase in prices for goods and services. As a result, consumers may have to pay higher prices as a reflection of scarcity in the economy. Though governments aim to address scarcity issues and enhance the quality of life for citizens, the immediate impact of scarcity is usually experienced through increased prices that consumers must bear.