Relacionar Columnas Economic SystemVersión en línea Key Terms and Consepts por Beth Whittle 1 Scarcity 2 Opportunity Cost 3 Economics 4 Law of Demand 5 Market Economy and Command Economy 6 Demand falls 7 Demand 8 Law of Supply 9 Supply and Demand when the price for a good or service is too high amount of a good that consumers plan to purchase at a particular price 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... Explains how people satisfy their needs and wants by making choices
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