Market Economy and Command Economy
Law of Supply
Demand falls
Law of Demand
Economics
Scarcity
Supply and Demand
Demand
Opportunity Cost
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...
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
as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease. This fact illustrates...
determines the price of a product or service
Explains how people satisfy their needs and wants by making choices
amount of a good that consumers plan to purchase at a particular price
two basic types of economic systems
shortage of resources
