(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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Scarcity
The inability to satisfy all wants at the same time
Partnership
type of business organization with 2 or more owners who SHARE ALL risks and ALL profit
Human Resource
people working to produce goods and services
Quantity Supplied
As the price of a good goes up, this also goes up
What will be produced?
Who will produce it?
For whom will it be produced?
The basic questions that all economies are built around
Demand
Amount of a good or service that consumers are willing or able to buy
Traditional Economy
An original economic system based on customs and what happened before
Opportunity Cost
This is given up when a choice is made
Supply
The amount of a good or service that producers are willing and able to offer for sale
Private Sector
Part of the economy controlled by individuals, people
Quantity Demanded
As the price of a good goes up, this goes down
Private Financial Institutions
banks and credit unions; receive deposits and make loans; encourage saving and investing
$75 of pay
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
Incentives
Things that motivate
Command Economy
An economy in which production, investment, prices, and incomes are determined/controlled by the government
Public Sector
The part of an economy that is controlled by the government
To obtain goods and services they cannot produce or cannot produce efficiently themselves
This is a reason why states and nations trade
Natural Resource
Things that come directly from nature
Corporation
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
Supply would increase
This is what would happen to the supply curve if more companies start making the same product
Equilibrium Price
The point on a supply and demand graph where the supply line and the demand line meet;
A loan
Money that banks give to individuals to help start a business/buy a house/etc.
Entrepeneurship Resources
The resource of ideas
Competition
Rivalry between producers or between sellers of a good or service usually results in better-quality goods and services at lower prices
Mixed Economy
The type of economy the United States has
Capital Resource
Goods produced and used to make other goods and services
Free Market Economy
A system in which the prices for goods and services are set freely by consent between vendors and consumers
Global Economy
Worldwide market where buying/selling between all individuals, countries, and businesses takes place
Public Sector
The part of the national economy that is not under direct government control
Entrepreneur
someone taking a risk to produce and sell goods and services looking for opportunity and profit
Consumption
Using goods and services
Resources (labor/land/capital)
This is what households give to firms (businesses) in the circular flow model
Supply and Demand
Amount of a good available compared to the amount people want to buy
Proprietorship
type of business organization with 1 owner who takes ALL risk and ALL profit
Bank
An institution that holds on to people's money and lends it to others.
Consumer Sovereignty
Consumers determine what goods and services will be produced by their purchase choices
Demand would decrese
The is what would happen to the demand for milk if people found out that milk causes baldness
Capital Resource
An example of this would be a laptop used by a computer
Production
Using resources to make goods and services
