(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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Economic law which states that consumers are willing to buy more of a good and service as the price goes down
Law of Demand
Is the responsiveness of one economic variable to another
Elasticity of Supply
When the price of a good or service remains unchanged even when it’s price changes
Inelastic
Public goods & services made available to all members of society.
Public Goods
Additional cost to produce each unit
Marginal cost
Line in a graph that represents the amount of a good and service that consumers are willing to pay at different prices.
Market Demand Curve
Adding an additional factor of production results in smaller increases in output.
Diminishing Returns
Additional revenue generated by the sale of an additional unit
Marginal Revenue
Table that shows quantity demanded for a good & service at different price levels
Demand schedule
Economic law which states that producers are willing to to supply more of a good and service as the price becomes higher
Law of Supply
Goods & services that are bought together
Compliments
Place where factors of production like land, capital, & labor are bought & sold
Factor Market
Amount of good that consumers are willing & able to pay at different prices
Demand
Model that shows how the flow of money moves between producers and consumers through the Product Market
Circular Flow Model
Table that shows product price & product demand for a good & service that represents the demand at different price levels.
Demand Schedule
Graph showing the amount of a good or service that consumers will buy at different price levels
Demand Curve
Efforts made by local, state, & federal government to give money to those in need like welfare
Public Transfer Payments
Place where goods& services are bought & sold
Product Market
Costs that do not change with quantity’s produced
Fixed costs
The amount of goods & services that producers are willing and able to provide at different prices
Supply
Full amount of the total sales of goods and services
Total Revenue
Full amount of total sales of goods & services
Market Demand Schedule
Are the operating costs that require upfront purchases before beginning production
Input Costs
Table that shows a supplier the quantity that they will need to produce at different points
Supply Schedule
Government laws to equate and deliver better economic results for all citizens.
Government Regulations
Good & services that are bought in place of one another
Substitutes
When there is a change in income it has a subsequent effect on demand
Income Effect
These are the goods that you can see & touch; buy & sell
Normal Goods
Failure of the market to deliver an optimal result
Market failures
Measurable by the total output of a product produced by a company over its inputs
Total Product
Measure of economic output over a period of time
Productivity
Key resource in economic growth measuring output over a period of time.
Productivity
Additional output created by an additional unit
Marginal Product
Measure of one economic variable to another
Elasticity of Demand
