This bingo card has a free space and 39 words: As the price of a good goes up, this goes down, As the price of a good goes up, this also goes up, Money that banks give to individuals to help start a business/buy a house/etc., This is what households give to firms (businesses) in the circular flow model, If Phil decides to go to the movies ($20 ticket) instead of working his shift at work ($15 an hour for 5 hours), this would be his opportunity cost, A system in which the prices for goods and services are set freely by consent between vendors and consumers, The type of economy the United States has, An original economic system based on customs and what happened before, An economy in which production, investment, prices, and incomes are determined/controlled by the government, The basic questions that all economies are built around, The resource of ideas, This is given up when a choice is made, Amount of a good available compared to the amount people want to buy, The point on a supply and demand graph where the supply line and the demand line meet;, The part of the national economy that is not under direct government control, The inability to satisfy all wants at the same time, Things that motivate, Rivalry between producers or between sellers of a good or service usually results in better-quality goods and services at lower prices, Consumers determine what goods and services will be produced by their purchase choices, The part of an economy that is controlled by the government, An institution that holds on to people's money and lends it to others., An example of this would be a laptop used by a computer, The is what would happen to the demand for milk if people found out that milk causes baldness, This is what would happen to the supply curve if more companies start making the same product, This is a reason why states and nations trade, people working to produce goods and services, type of business organization that is treated like a single person according to law; the owners SHARE profit, but the owners' liability/risk is limited to amount of individual investment, Worldwide market where buying/selling between all individuals, countries, and businesses takes place, Part of the economy controlled by individuals, people, banks and credit unions; receive deposits and make loans; encourage saving and investing, someone taking a risk to produce and sell goods and services looking for opportunity and profit, type of business organization with 2 or more owners who SHARE ALL risks and ALL profit, type of business organization with 1 owner who takes ALL risk and ALL profit, The amount of a good or service that producers are willing and able to offer for sale, Amount of a good or service that consumers are willing or able to buy, Using resources to make goods and services, Using goods and services, Things that come directly from nature and Goods produced and used to make other goods and services.
Supply and Demand Bingo | Economics Bingo | Economic Systems | Production Curves | ECONOMIC MARKET
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