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