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.

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Social Studies

9 December, 19:51

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.

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Alice Lyons · Answer 1

The correct answer is the second option. Scarcity is when there is not enough of something to satisfy everyone's wants or needs. When this happens, the amount of the product that is in stock will gain a lot of value, because there's so little of it. This is why consumers will have to pay higher prices for them.