(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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When a producer focuses on producing all of one good in which it has the comparative advantage
Specialization
Payment for the use of labor
Wages
The underlying assumption that consumers are rational decision makers and wish to maximize their utility.
Consumer Choice Theory
When one party has a lower opportunity cost to produce a good than its trading partner.
Comparative Advantage
Comparing the marginal utility to the marginal benefit to determine whether or not to consume the next unit of the good.
Marginal Analysis
Limited resources to satisfy unlimited wants
Scarcity
When one party can produce more of a good than another party.
Absolute Advantage
Payment for entrepreneurship
Profit
You must make choices about how to use resources because they are scarce
Trade-Offs
Any combination of production of goods that lies along the PPC
Efficient Production
The optimal combination of goods will occur where MUx/Px = MUy/Py
Utility Optimization Rule
Musical artist on tour with The Eras Tour
Taylor Swift
A curve showing the different combinations that can be produced with the given resources
Production Possibilities Curve
An economic model where resources are privately owned and the production and consumption of resources is determined by prices.
Market Economy
Costs that are incurred, and must be physically paid.
Explicit Costs
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
Payment for the use of land
Rent
The unique and new combination of economic resources to produce new goods and services
Entrepreneurship
Natural resources used in production
Land
Machinery and tools used in production
Capital
An economy that does not engage in trade
Closed Economy
Human effort used in production
Labor
The incremental benefit or utility gained from consumption of the next good.
Marginal Utility
An economy that does engage in trade
Open Economy
The more of a good that is consumed the less satisfaction is gained from each additional unit.
Law of Diminishing Marginal Utility
Any combination of production of goods that lies above (or beyond) the PPC.
Unattainable Production
The amount of incremental increase in benefit for the last dollar spent on a good (or service).
Marginal Utility Per Dollar
Inputs needed to produce goods and services
Factors of Production
The value of the “next best alternative” use for resources; what is given up
Opportunity Cost
The opportunity cost of employing resources that you already own.
Implicit Costs
Payment for the use of capital
Interest
The current chair of the U.S. Federal Reserve Board
Jerome Powell
The best NFL football team
KC Chiefs
Any combination of production of goods that lies below (or inside) the PPC
Attainable and Inefficient Production
An economic model where the government owns and controls all resources and is responsible for setting prices or otherwise allocating resources.
Command Economy
The incremental cost of the next good.
Marginal Cost
Linear PPC dictates the opportunity cost of increasing the production of a good is…
Constant
The total satisfaction, or happiness, consumers get from consuming a good or service.
Total Utility
A concave PPC dictates the opportunity cost of increasing the production of a good is…
Increasing
