A. Economies can work to provide more goods and services.
B. People are able to meet most of their needs.
C. Governments must try to meet the wants of citizens.
D. Consumers must pay higher prices for many items.
Answer: D. Consumers must pay higher prices for many items.
Scarcity means the existence of limited resources in as far as the demand of people in the societies as well as their wants and needs are exceeded in proportion. Hunger implies that when resources are strictly rationed it becomes extremely difficult to meet the consumer demand. It follows that due to scarce availability of goods and services in its domain, its cost is relatively high. Consumers must then spend more of their hard-earned income to get the desired products and services. This phenomenon is no different from the supply and demand aspect typical in the distribution of various products in economics. This leads to costs of Trade-off and cost of priority because the consumer cannot be able to afford all their desired needs due to high costs due to scarcity. It also strengthens proper coordination in the allocation of resources and challenges everyone to seek ways on how to improve productivity and supply.
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