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Opportunity Cost when you have to make a choice to give something up in favor of another thing
Market System buyers and sellers make the economic decisions
Law of Demand describes when consumers are willing to buy more when the price of goods goes down
Interchangeable things that you can use in the place something else
Scarcity occurs when there is not enough to fullfill people's wants and needs.
Specialization when you make the most of resources to do only one type of thing.
Traditional System where the past determines the production of goods ans services.
Command Economic System The government controls the economy.
Supply Curve A line on the graph that shows the amount of a good that producers make at different prices.
Equilibrium price The point at which the supply and demand curves intersect.
Created by: geduardo44