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