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.

The best way to describe the impact of scarcity would be when consumers must pay for higher prices for many items. This is a situation where there are unlimited wants have fully exceeded all of the limited resources. The limited resources are not capable of fulfilling the wants by consumers. This is considered to be one of the basic economic problems in the world.