Relier Pairs Economic SystemVersion en ligne Key Terms and Consepts par Beth Whittle 1 Demand 2 Law of Supply 3 Supply and Demand 4 Scarcity 5 Demand falls 6 Law of Demand 7 Opportunity Cost 8 Market Economy and Command Economy 9 Economics when the price for a good or service is too high two basic types of economic systems 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... 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... determines the price of a product or service shortage of resources giving up the chance to use a resource for one thing instead of another
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