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