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