(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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The factor of production that businesses use to provide goods and services
resource
Free!
This type of resource includes tools and technology that people use to complete a job (ex. a construction worker uses a hammer)
Capital Resource
Where two or more businesses compete for your business leading to lower prices and better quality
competition
Goods and services that are necessary to survive (ex. food, water, shelter)
need
The point where supply and demand meet on the curve
Equilibrium Price
The decisions that you make
choice
The study of the choices people make given the resources they have
economics
How much you have to pay for a good or service
price
How much of something is available to purchase. If the _____ is low, then prices will go up.
supply
These are bad because they limit competition, reduce quality of goods, and increase prices
monopoly
The cost of the choice you did not make (ex. do you use your $5.00 to buy pizza to eat or gas for your car).
opportunity cost
Consumers influence the market by buying from companies they support and boycotting companies they don't like
consumer sovereignty
Something that producers make and sell to consumers (ex. pizza, books, cars).
goods
A type of economy that combines Free Market and Command
mixed economy
The person who purchases goods/services in order to fulfill their wants and needs
consumer/ buyer
A business model where one person takes all of the risk and reaps all of the rewards
sole proprietorship
Where people trade goods and services rather than paying money
barter
How much money is left over after expenses have been paid
profit
A type of economy where most decisions are made by businesses and consumers
market economy
Examples of this type of resource include land, trees, minerals, water, iron, etc.
Natural Resource
A type of economy where the government makes most of the decisions on what to produce and how to produce it
command economy
The person that provides goods/services to the market in hops of making a profit
producer/
seller
Another word for things that are hard to find. If a produce it _____ then the price of it will go up.
scarcity
Examples of this type of work include employees and the labor that they provide
Human Resource
A business model where two or more people share in the risks and the profits
partnership
A business model where people purchase stock in companies and share in the profit (usually large businesses).
corporation
Goods a services that are not needed to survive
want
How much of something consumers want to buy. If _____ goes up then prices go up.
demand
A type of economy that is based on tradition and family with little to no profit motive or government involvement
traditional economy
Something that people provide that consumers pay money for (ex. Firefighters, teachers, maids).
services
