(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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Limited resources to satisfy unlimited wants
Scarcity
Factors such as input prices, number of sellers in the market, technology improvements, and expectations for the future can cause a…
Shift in Supply
The unique and new combination of economic resources to produce new goods and services
Entrepreneurship
Payment for the use of land
Rent
The more of a good that is consumed the less satisfaction is gained from each additional unit.
Law of Diminishing Marginal Utility
Adam Smith’s idea that free market prices will naturally adjust to reach equilibrium without anyone having to control prices.
Invisible Hand
A product that can be used in place of another good; for example a sweater and a jacket.
Substitute Good
Inputs needed to produce goods and services
Factors of Production
When demand for a good is not sensitive to changes in price we say the demand is…
Inelastic
The desire, willingness, and ability to buy a good or service. The curve representing this is always downward sloping
Demand
Payment for the use of labor
Wages
When one party can produce more of a good than another party.
Absolute Advantage
When a producer focuses on producing all of one good in which it has the comparative advantage
Specialization
A signal that the market price is too low; at this price the quantity demanded is greater than the quantity supplied.
Shortage
A curve showing the different combinations that can be produced with the given resources
Production Possibilities Curve
A product that is used with another good; for example a mousepad and a computer mouse.
Complement Good
Human effort used in production
Labor
The satisfaction, or happiness, consumers get from consuming a good or service
Utility
A concave PPC dictates the opportunity cost of increasing the production of a good is…
Increasing
Changes in a product's market price will lead customers to decrease ...
Quantity Demanded
Linear PPC dictates the opportunity cost of increasing the production of a good is…
Constant
Any combination of production of goods that lies along the PPC
Efficient Production
Changes in a product's market price will lead sellers to increase ...
Quantity Supplied
Any combination of production of goods that lies below (or inside) the PPC
Attainable and Inefficient Production
The value of the “next best alternative” use for resources; what is given u
Opportunity Cost
Payment for entrepreneurship
Profit
The equilibrium price found where quantity demanded equals quantity supplied
Market Price
When demand for a good is sensitive to changes in price we say the demand is…
Elastic
An economy that does not engage in trade
Closed Economy
Natural resources used in production
Land
The amount of good X that is traded for one unit of good Y - this is acceptable to both parties when it is between both opportunity costs.
Terms of Trade
When one party has a lower opportunity cost to produce a good than its trading partner.
Comparative Advantage
The various quantities of a good or service that producers are willing to sell at all possible market prices. The curve representing this is always upward sloping.
Supply
The price and quantity where supply meets demand.
Equilibrium
Payment for the use of capital
Interest
Any combination of production of goods that lies above (or beyond) the PPC.
Unattainable Production
A signal that the market price is too high; at this price the quantity supplied is greater than the quantity demanded.
Surplus
You must make choices about how to use resources because they are scarce
Trade-Offs
Machinery and tools used in production
Capital
Factors such as consumer tastes and preferences, prices of related goods, population in the market, and expectations for the future can cause a…
Shift in Demand
