Matching Pairs Economic SystemOnline version Key Terms and Consepts by Beth Whittle 1 Law of Demand 2 Demand falls 3 Demand 4 Market Economy and Command Economy 5 Law of Supply 6 Opportunity Cost 7 Economics 8 Scarcity 9 Supply and Demand shortage of resources determines the price of a product or service amount of a good that consumers plan to purchase at a particular price two basic types of economic systems as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease. This fact illustrates... 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... 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 Explains how people satisfy their needs and wants by making choices
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