Relacionar Columnas Economic SystemVersión en línea Key Terms and Consepts por Beth Whittle 1 Opportunity Cost 2 Supply and Demand 3 Demand falls 4 Law of Demand 5 Demand 6 Law of Supply 7 Economics 8 Scarcity 9 Market Economy and Command Economy amount of a good that consumers plan to purchase at a particular price determines the price of a product or service 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 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 giving up the chance to use a resource for one thing instead of another shortage of resources
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