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