Supply and Demand - Call List

(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.

1. holds that as prices for a good or service increases, buyers will buy similar products in their place
   Substitution effect
2. states that as prices go down sellers have less incentive to produce goods
   The Law of Supply
3. a good that experiences an increase in its demand due to a rise in consumers' income such as food staples and clothing.
   Normal goods
4. states that as prices go up people buy less
   The Law of Demand
5. imposition of rules by the government to modify the economic behavior
   Regulation
6. shows the relationship between price and quantity demanded on a graph.
   Demand curve
7. the supply of and demand for labor, in which employees provide the supply and employers provide the demand.
   Labor market
8. a compulsory contribution to state revenue, levied by the government
   Taxes
9. holds that consumers can and will buy more if their income increases
   Income effect
10. situation in which something needed cannot be obtained in sufficient amounts
    Shortage
11. what the producer receives for selling one unit of a good or service.
    Price
12. the total number of units purchased at a given price.
    Quantity demanded
13. a table that shows the quantity demanded at each price.
    Demand schedule
14. a good whose demand drops when people's incomes rise
    Inferior goods
15. exchanges and other venues where the buying, selling, and issuance of shares of publicly held companies take place.
    Stock market
16. the economic marketplace where final goods or services are traded.
    Product market
17. items which are used instead of another similar item.
    Substitute goods
18. 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
19. amount of some good or service a producer is willing to supply at each price
    Supply
20. information markets generate which guide the distribution of resources.
    Price signals
21. items which are used in conjunction with another item.
    Complementary goods
22. a direct or indirect payment to individuals or firms from the government or a targeted tax cut
    Subsidies
23. an amount of something left over when requirements have been met
    Surplus
24. a network between companies and suppliers which establish a steady flow of resources
    Supply Chain
25. a market where a business or individual can go and purchase resources
    Resource market
26. table that shows the quantity supplied at a range of different prices.
    Supply schedule
27. customers and merchants freely and without coercion engage in market transactions
    Voluntary exchange
28. 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
29. the only price where the plans of consumers and the plans of producers agree.
    Equilibrium price
30. an upward sloping curve
    Supply curve
31. The intersection of demand and supply curves
    Equilibrium price & quantity
32. state in which economic forces are balanced
    Equilibrium
33. amount of good or service consumers are willing and able to purchase at each price
    Demand
34. any place buyers and sellers meet to exchange goods and services.
    Market
35. when there is no shortage or surplus of a product in the market.
    Equilibrium quantity