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