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