Relier Pairs Economic SystemVersion en ligne Key Terms and Consepts par Beth Whittle 1 Scarcity 2 Opportunity Cost 3 Economics 4 Demand falls 5 Market Economy and Command Economy 6 Law of Supply 7 Demand 8 Law of Demand 9 Supply and Demand amount of a good that consumers plan to purchase at a particular price 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 two basic types of economic systems determines the price of a product or service giving up the chance to use a resource for one thing instead of another as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease. This fact illustrates... when the price for a good or service is too high
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