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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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Economies can work to provide more goods and services.
Reason: Scarcity (limited resources vs. unlimited wants) forces societies and economies to make choices about allocating resources and increasing production to satisfy as many wants as possible.
Reason: Scarcity (limited resources vs. unlimited wants) forces societies and economies to make choices about allocating resources and increasing production to satisfy as many wants as possible.
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