Relacionar Columnas Economic SystemVersión en línea Key Terms and Consepts por Beth Whittle 1 Supply and Demand 2 Demand 3 Scarcity 4 Market Economy and Command Economy 5 Law of Supply 6 Law of Demand 7 Demand falls 8 Opportunity Cost 9 Economics when the price for a good or service is too high two basic types of economic systems 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... giving up the chance to use a resource for one thing instead of another determines the price of a product or service Explains how people satisfy their needs and wants by making choices 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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