SubstituteGoodsproduct thatsatisfies thesame basicwant asanother productSupplyHow much of theproduct isavailable forpurchase at agiven price by abusiness orsupplier.AdamSmithThe "Father" ofModernEconomics -proposed theidea of the"Invisible Hand"PriceThe amountof moneyexchangedfor a good orservicePrivateownershipOwned by anindividual ororganization,rather than bythe governmentMonopolyMarket Structurewhere there are highbarriers to enter, buttotal control overprice because thereis only one producerOligopolyMarket structurewhere there arefew producers,High barriers toentryMicroeconomicsThe branch ofeconomics that looksat studying thebehavior of anindividual economicunit such as individualconsumers,households, andbusinesses.ComplementaryGoodsproduct that isconsumed alongwith some otherproduct- a productor service that addsvalue to anotherIncentivesThings thatchangeeconomicbehavior andchoicesDemandAmount of agood or servicethat consumersare willing andable to buy at acertain priceCooperativeOrganization owned andoperated by people whouse its services; they aredesignated as members, oruser-owners. Profits andearnings are distributedamong the members PartnershipForm of abusiness withtwo or moreowners whoshare the risksand profitEquilibriumThe economiccondition wheremarket demandand market supplyare equal to eachotherConsumerPerson whobuys goodsor servicesfor their ownUSECircularFlowModel thatdemonstrates howmoney moves fromproducers tohouseholds and backagain in an endlessloopFranchiseBusiness wherebythe owner licenses itsoperations—alongwith its products,branding, andknowledge—inexchange for a fee.ProducerPerson whocreates economicvalue, or MAKESgoods andprovides servicesMarketCompetitionRivalry betweenproducers/sellers ofgoods or servicesresults in betterquality goods andservices at a lowerprice CorporationA type of businessowned by manypeople but treatedby law as though itwere a person.MarketAny place where twoor more parties canmeet to engage in aneconomic transaction(buying/selling ofgoods/services)SoleProprietorUnincorporatedbusiness with onlyone owner whopays personalincome tax onprofits earned. PerfectCompetitionMarket Structurewhere there areMany producers,competition ishigh, but there areno/ few barriers toenterProfitEarningsafter allexpenseshave beenpaidMonopolisticCompetitionMarket structurewhere there aremany producers,Similar productsBUT variety ispresent, little controlover priceConsumerSovereigntyPeople determinethroughpurchases, whatgoods andservices will beproduced."InvisibleHand"Metaphor for howunseen forces movethe free market byself-interestedindividuals operatingthrough a system ofmutualinterdependenceEntrepreneurPerson who takes arisk to produce goodsand services insearch of profit- theycombine the otherfactors of productionShortagewhen there isnot enough ortoo few goods tomeet thedemand of theconsumers.SurplusWhen supplyis greaterthan thedemand fora productSubstituteGoodsproduct thatsatisfies thesame basicwant asanother productSupplyHow much of theproduct isavailable forpurchase at agiven price by abusiness orsupplier.AdamSmithThe "Father" ofModernEconomics -proposed theidea of the"Invisible Hand"PriceThe amountof moneyexchangedfor a good orservicePrivateownershipOwned by anindividual ororganization,rather than bythe governmentMonopolyMarket Structurewhere there are highbarriers to enter, buttotal control overprice because thereis only one producerOligopolyMarket structurewhere there arefew producers,High barriers toentryMicroeconomicsThe branch ofeconomics that looksat studying thebehavior of anindividual economicunit such as individualconsumers,households, andbusinesses.ComplementaryGoodsproduct that isconsumed alongwith some otherproduct- a productor service that addsvalue to anotherIncentivesThings thatchangeeconomicbehavior andchoicesDemandAmount of agood or servicethat consumersare willing andable to buy at acertain priceCooperativeOrganization owned andoperated by people whouse its services; they aredesignated as members, oruser-owners. Profits andearnings are distributedamong the members PartnershipForm of abusiness withtwo or moreowners whoshare the risksand profitEquilibriumThe economiccondition wheremarket demandand market supplyare equal to eachotherConsumerPerson whobuys goodsor servicesfor their ownUSECircularFlowModel thatdemonstrates howmoney moves fromproducers tohouseholds and backagain in an endlessloopFranchiseBusiness wherebythe owner licenses itsoperations—alongwith its products,branding, andknowledge—inexchange for a fee.ProducerPerson whocreates economicvalue, or MAKESgoods andprovides servicesMarketCompetitionRivalry betweenproducers/sellers ofgoods or servicesresults in betterquality goods andservices at a lowerprice CorporationA type of businessowned by manypeople but treatedby law as though itwere a person.MarketAny place where twoor more parties canmeet to engage in aneconomic transaction(buying/selling ofgoods/services)SoleProprietorUnincorporatedbusiness with onlyone owner whopays personalincome tax onprofits earned. PerfectCompetitionMarket Structurewhere there areMany producers,competition ishigh, but there areno/ few barriers toenterProfitEarningsafter allexpenseshave beenpaidMonopolisticCompetitionMarket structurewhere there aremany producers,Similar productsBUT variety ispresent, little controlover priceConsumerSovereigntyPeople determinethroughpurchases, whatgoods andservices will beproduced."InvisibleHand"Metaphor for howunseen forces movethe free market byself-interestedindividuals operatingthrough a system ofmutualinterdependenceEntrepreneurPerson who takes arisk to produce goodsand services insearch of profit- theycombine the otherfactors of productionShortagewhen there isnot enough ortoo few goods tomeet thedemand of theconsumers.SurplusWhen supplyis greaterthan thedemand fora product

Microeconomics! - 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.


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  1. product that satisfies the same basic want as another product
    Substitute Goods
  2. How much of the product is available for purchase at a given price by a business or supplier.
    Supply
  3. The "Father" of Modern Economics - proposed the idea of the "Invisible Hand"
    Adam Smith
  4. The amount of money exchanged for a good or service
    Price
  5. Owned by an individual or organization, rather than by the government
    Private ownership
  6. Market Structure where there are high barriers to enter, but total control over price because there is only one producer
    Monopoly
  7. Market structure where there are few producers, High barriers to entry
    Oligopoly
  8. The branch of economics that looks at studying the behavior of an individual economic unit such as individual consumers, households, and businesses.
    Microeconomics
  9. product that is consumed along with some other product- a product or service that adds value to another
    Complementary Goods
  10. Things that change economic behavior and choices
    Incentives
  11. Amount of a good or service that consumers are willing and able to buy at a certain price
    Demand
  12. 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
  13. Form of a business with two or more owners who share the risks and profit
    Partnership
  14. The economic condition where market demand and market supply are equal to each other
    Equilibrium
  15. Person who buys goods or services for their own USE
    Consumer
  16. Model that demonstrates how money moves from producers to households and back again in an endless loop
    Circular Flow
  17. Business whereby the owner licenses its operations—along with its products, branding, and knowledge—in exchange for a fee.
    Franchise
  18. Person who creates economic value, or MAKES goods and provides services
    Producer
  19. Rivalry between producers/sellers of goods or services results in better quality goods and services at a lower price
    Market Competition
  20. A type of business owned by many people but treated by law as though it were a person.
    Corporation
  21. Any place where two or more parties can meet to engage in an economic transaction (buying/selling of goods/services)
    Market
  22. Unincorporated business with only one owner who pays personal income tax on profits earned.
    Sole Proprietor
  23. Market Structure where there are Many producers, competition is high, but there are no/ few barriers to enter
    Perfect Competition
  24. Earnings after all expenses have been paid
    Profit
  25. Market structure where there are many producers, Similar products BUT variety is present, little control over price
    Monopolistic Competition
  26. People determine through purchases, what goods and services will be produced.
    Consumer Sovereignty
  27. Metaphor for how unseen forces move the free market by self-interested individuals operating through a system of mutual interdependence
    "Invisible Hand"
  28. Person who takes a risk to produce goods and services in search of profit- they combine the other factors of production
    Entrepreneur
  29. when there is not enough or too few goods to meet the demand of the consumers.
    Shortage
  30. When supply is greater than the demand for a product
    Surplus