The correct answer is "the effects that a policy has on people and on society’s problems."
What are policy impacts?
Policy impacts are the effects that a policy has on people and on society’s problems.
In the United States politics, people, specialists, politicians, analysts, and journalists tend to analyze the effects of the policies and legislation created by the government to see how these decisions and legislation impact the different sectors of society.
This way, those policies, and laws can be evaluated in order to really know if they are benefitting the American people or teh American Corporations, and if yes, to what degree.