Matching Pairs Economic SystemOnline version Key Terms and Consepts by Beth Whittle 1 Opportunity Cost 2 Law of Demand 3 Supply and Demand 4 Demand 5 Economics 6 Scarcity 7 Market Economy and Command Economy 8 Law of Supply 9 Demand falls 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 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... 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 determines the price of a product or service as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease. This fact illustrates...
New game