Question

Which statement best describes the impact of scarcity

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.

Answer 2

Option B is the correct option.

Consumers must pay higher prices for many items best describes the impact of scarcity.

Further explanation:

Scarcity:

Scarcity refers to the shortfall of the resources or the commodities. Due to scarcity, prices of the products or the items get high. Everyone should use the resources judiciously, so as to sustain the resources and preserve the resources for the future generations.

Justification for the correct and incorrect answer:

A.)

People are able to meet most of their needs: This option is incorrect.

Scarcity refers to the limitation of the resources, or the shortfall of the resources or items. Scarcity leads to face problems by the people, so they are not able to meet most of their needs.

B.)

Consumers must pay higher prices for many items: This option is correct.

Consumers pay high prices for many items, due to shortage of items or resources. Scarcity leads to pay high for the commodities.

C.)

Governments must try to meet the wants of citizens: This option is incorrect.

In scarcity, government is also not able to meet the wants of the citizens due to less supply of the items or the products.

D.)

Economies can work to provide more goods and services: This option is incorrect.

It would not be possible for the economies to provide more goods and services in scarcity. Everyone should use the resources judiciously so as to sustain them and to save them for the future generations.

Thus, consumers must have to pay higher prices for many items, best describes the impact of scarcity.

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Answer details:

Grade: High School

Subject: Economics

Chapter: Scarcity

Keywords: 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.