Relier Pairs Economic SystemVersion en ligne Key Terms and Consepts par Beth Whittle 1 Economics 2 Law of Supply 3 Opportunity Cost 4 Supply and Demand 5 Demand falls 6 Demand 7 Scarcity 8 Law of Demand 9 Market Economy and Command Economy giving up the chance to use a resource for one thing instead of another when the price for a good or service is too high determines the price of a product or service two basic types of economic systems Explains how people satisfy their needs and wants by making choices A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates... shortage of resources amount of a good that consumers plan to purchase at a particular price as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease. This fact illustrates...
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