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