(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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People determine through purchases, what goods and services will be produced.
Consumer Sovereignty
The branch of economics that looks at studying the behavior of an individual economic unit such as individual consumers, households, and businesses.
Microeconomics
The economic condition where market demand and market supply are equal to each other
Equilibrium
How much of the product is available for purchase at a given price by a business or supplier.
Supply
Business whereby the owner licenses its operations—along with its products, branding, and knowledge—in exchange for a fee.
Franchise
product that satisfies the same basic want as another product
Substitute Goods
Unincorporated business with only one owner who pays personal income tax on profits earned.
Sole Proprietor
Rivalry between producers/sellers of goods or services results in better quality goods and services at a lower price
Market Competition
Market Structure where there are Many producers, competition is high, but there are no/ few barriers to enter
Perfect Competition
Market structure where there are few producers, High barriers to entry
Oligopoly
Model that demonstrates how money moves from producers to households and back again in an endless loop
Circular Flow
Amount of a good or service that consumers are willing and able to buy at a certain price
Demand
Market structure where there are many producers, Similar products BUT variety is present, little control over price
Monopolistic Competition
when there is not enough or too few goods to meet the demand of the consumers.
Shortage
The amount of money exchanged for a good or service
Price
Things that change economic behavior and choices
Incentives
Organization owned and operated by people who use its services; they are
designated as members, or user-owners. Profits and earnings are distributed among the members
Cooperative
Earnings after all expenses have been paid
Profit
The "Father" of Modern Economics - proposed the idea of the "Invisible Hand"
Adam Smith
Person who buys goods or services for their own USE
Consumer
Metaphor for how unseen forces move the free market by self-interested individuals operating through a system of mutual interdependence
"Invisible Hand"
Market Structure where there are high barriers to enter, but total control over price because there is only one producer
Monopoly
Owned by an individual or organization, rather than by the government
Private ownership
A type of business owned by many people but treated by law as though it were a person.
Corporation
Person who creates economic value, or MAKES goods and provides services
Producer
Person who takes a risk to produce goods and services in search of profit- they combine the other factors of production
Entrepreneur
product that is consumed along with some other product- a product or service that adds value to another
Complementary Goods
Any place where two or more parties can meet to engage in an economic transaction (buying/selling of goods/services)
Market
Form of a business with two or more owners who share the risks and profit
Partnership
When supply is greater than the demand for a product
Surplus
