What kind of market system does the United States have?
Socialist market system
Communist market system
Representative market system
Free - market system
What happens to the cost of a product when demand for the product is high?
cost goes up
cost goes down
cost stays the same
What happens to the cost of a product when demand for the product is low?
cost goes down
cost goes up
cost stays the same
What happens when demand for a product is high and supply is low?
opportunity cost
Specialization
scarcity
Trade-off
What happens when you have a high supply of products but have low demand?
scarcity
depression
surplus
specialization
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