(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.
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states that as prices go up people buy less
The Law of Demand
what the producer receives for selling one unit of a good or service.
Price
an amount of something left over when requirements have been met
Surplus
state in which economic forces are balanced
Equilibrium
a market where a business or individual can go and purchase resources
Resource market
a good that experiences an increase in its demand due to a rise in consumers' income such as food staples and clothing.
Normal goods
holds that consumers can and will buy more if their income increases
Income effect
The intersection of demand and supply curves
Equilibrium price & quantity
amount of some good or service a producer is willing to supply at each price
Supply
holds that as a consumer purchases a good or service the usefulness of additional units of that same good or service will decrease.
Law of diminishing marginal utility
shows the relationship between price and quantity demanded on a graph.
Demand curve
defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it.
Supply and demand
holds that as prices for a good or service increases, buyers will buy similar products in their place
Substitution effect
imposition of rules by the government to modify the economic behavior
Regulation
the total number of units purchased at a given price.
Quantity demanded
states that as prices go down sellers have less incentive to produce goods
The Law of Supply
items which are used in conjunction with another item.
Complementary goods
customers and merchants freely and without coercion engage in market transactions
Voluntary exchange
information markets generate which guide the distribution of resources.
Price signals
the only price where the plans of consumers and the plans of producers agree.
Equilibrium price
situation in which something needed cannot be obtained in sufficient amounts
Shortage
when there is no shortage or surplus of a product in the market.
Equilibrium quantity
exchanges and other venues where the buying, selling, and issuance of shares of publicly held companies take place.
Stock market
an upward sloping curve
Supply curve
a good whose demand drops when people's incomes rise
Inferior goods
items which are used instead of another similar item.
Substitute goods
a network between companies and suppliers which establish a steady flow of resources
Supply Chain
the supply of and demand for labor, in which employees provide the supply and employers provide the demand.
Labor market
a table that shows the quantity demanded at each price.
Demand schedule
any place buyers and sellers meet to exchange goods and services.
Market
the economic marketplace where final goods or services are traded.
Product market
table that shows the quantity supplied at a range of different prices.
Supply schedule
a direct or indirect payment to individuals or firms from the government or a targeted tax cut
Subsidies
amount of good or service consumers are willing and able to purchase at each price
Demand
a compulsory contribution to state revenue, levied by the government
Taxes
