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