Answered

Which statement best describes the impact of scarcity?

A. People are able to meet most of their needs.
B. Consumers must pay higher prices for many items.
C. Governments must try to meet the wants of citizens.
D. Economies can work to provide more goods and services.



Answer :

GinnyAnswer

Final answer:

Scarcity impacts consumers by causing higher prices due to limited supply, resulting in challenging decisions for governments.


Explanation:

Scarcity is a fundamental concept in economics defined by the insufficient availability of resources to fulfill unlimited wants and needs. It leads to consumers having to pay higher prices for goods and services due to their limited supply. Governments are challenged with the task of making decisions on how to allocate scarce resources to meet the citizens' wants and needs.


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