Unit 1: Microeconomics Review - 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.

1. Machinery and tools used in production
   Capital
2. Comparing the marginal utility to the marginal benefit to determine whether or not to consume the next unit of the good.
   Marginal Analysis
3. 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
4. The amount of incremental increase in benefit for the last dollar spent on a good (or service).
   Marginal Utility Per Dollar
5. Linear PPC dictates the opportunity cost of increasing the production of a good is…
   Constant
6. Human effort used in production
   Labor
7. An economic model where resources are privately owned and the production and consumption of resources is determined by prices.
   Market Economy
8. The optimal combination of goods will occur where MUx/Px = MUy/Py
   Utility Optimization Rule
9. The best NFL football team
   KC Chiefs
10. When one party has a lower opportunity cost to produce a good than its trading partner.
    Comparative Advantage
11. Payment for the use of labor
    Wages
12. The current chair of the U.S. Federal Reserve Board
    Jerome Powell
13. You must make choices about how to use resources because they are scarce
    Trade-Offs
14. An economy that does engage in trade
    Open Economy
15. Any combination of production of goods that lies above (or beyond) the PPC.
    Unattainable Production
16. An economic model where the government owns and controls all resources and is responsible for setting prices or otherwise allocating resources.
    Command Economy
17. Natural resources used in production
    Land
18. The underlying assumption that consumers are rational decision makers and wish to maximize their utility.
    Consumer Choice Theory
19. The value of the “next best alternative” use for resources; what is given up
    Opportunity Cost
20. Payment for the use of capital
    Interest
21. A curve showing the different combinations that can be produced with the given resources
    Production Possibilities Curve
22. Limited resources to satisfy unlimited wants
    Scarcity
23. The incremental benefit or utility gained from consumption of the next good.
    Marginal Utility
24. Payment for the use of land
    Rent
25. The incremental cost of the next good.
    Marginal Cost
26. The unique and new combination of economic resources to produce new goods and services
    Entrepreneurship
27. The total satisfaction, or happiness, consumers get from consuming a good or service.
    Total Utility
28. Musical artist on tour with The Eras Tour
    Taylor Swift
29. When a producer focuses on producing all of one good in which it has the comparative advantage
    Specialization
30. Payment for entrepreneurship
    Profit
31. Inputs needed to produce goods and services
    Factors of Production
32. Costs that are incurred, and must be physically paid.
    Explicit Costs
33. The opportunity cost of employing resources that you already own.
    Implicit Costs
34. A concave PPC dictates the opportunity cost of increasing the production of a good is…
    Increasing
35. Any combination of production of goods that lies along the PPC
    Efficient Production
36. An economy that does not engage in trade
    Closed Economy
37. The more of a good that is consumed the less satisfaction is gained from each additional unit.
    Law of Diminishing Marginal Utility
38. Any combination of production of goods that lies below (or inside) the PPC
    Attainable and Inefficient Production
39. When one party can produce more of a good than another party.
    Absolute Advantage