MicroeconomicsThe branch ofeconomics that looksat studying thebehavior of anindividual economicunit such as individualconsumers,households, andbusinesses.EntrepreneurPerson who takes arisk to producegoods and servicesin search of profit-they combine theother factors ofproductionProfitEarningsafter allexpenseshave beenpaidProducerPerson whocreates economicvalue, or MAKESgoods andprovides servicesConsumerSovereigntyPeople determinethroughpurchases, whatgoods andservices will beproduced.SoleProprietorUnincorporatedbusiness with onlyone owner whopays personalincome tax onprofits earned. MonopolisticCompetitionMarket structurewhere there aremany producers,Similar productsBUT variety ispresent, littlecontrol over pricePerfectCompetitionMarket Structurewhere there areMany producers,competition ishigh, but there areno/ few barriers toenterFranchiseBusiness wherebythe owner licensesits operations—along with itsproducts, branding,and knowledge—inexchange for a fee.Revenueanother wordfor INCOME-money thatis made fromsalesEquilibriumThe economiccondition wheremarket demandand marketsupply are equalto each otherMarketCompetitionRivalry betweenproducers/sellers ofgoods or servicesresults in betterquality goods andservices at a lowerprice MonopolyMarket Structurewhere there arehigh barriers toenter, but totalcontrol over pricebecause there isonly one producerOligopolyMarketstructure wherethere are fewproducers, Highbarriers to entryIncentivesThings thatchangeeconomicbehavior andchoicesSurplusWhen supplyis greaterthan thedemand fora productDemandAmount of agood or servicethat consumersare willing andable to buy at acertain priceCorporationA type ofbusiness ownedby many peoplebut treated bylaw as though itwere a person.StakeholdersPerson with aninterest or concern insomething, especiallya business. typicallyinclude investors,employees, andcustomers.PriceThe amountof moneyexchangedfor a good orserviceSupplyHow much of theproduct isavailable forpurchase at agiven price by abusiness orsupplier.ConsumerPerson whobuys goodsor servicesfor their ownUSECooperativeOrganization owned andoperated by people whouse its services; they aredesignated as members,or user-owners. Profitsand earnings aredistributed among themembers PartnershipForm of abusiness withtwo or moreowners whoshare the risksand profitShortagewhen there isnot enough ortoo few goodsto meet thedemand of theconsumers.MarketAny place wheretwo or more partiescan meet to engagein an economictransaction(buying/selling ofgoods/services)MicroeconomicsThe branch ofeconomics that looksat studying thebehavior of anindividual economicunit such as individualconsumers,households, andbusinesses.EntrepreneurPerson who takes arisk to producegoods and servicesin search of profit-they combine theother factors ofproductionProfitEarningsafter allexpenseshave beenpaidProducerPerson whocreates economicvalue, or MAKESgoods andprovides servicesConsumerSovereigntyPeople determinethroughpurchases, whatgoods andservices will beproduced.SoleProprietorUnincorporatedbusiness with onlyone owner whopays personalincome tax onprofits earned. MonopolisticCompetitionMarket structurewhere there aremany producers,Similar productsBUT variety ispresent, littlecontrol over pricePerfectCompetitionMarket Structurewhere there areMany producers,competition ishigh, but there areno/ few barriers toenterFranchiseBusiness wherebythe owner licensesits operations—along with itsproducts, branding,and knowledge—inexchange for a fee.Revenueanother wordfor INCOME-money thatis made fromsalesEquilibriumThe economiccondition wheremarket demandand marketsupply are equalto each otherMarketCompetitionRivalry betweenproducers/sellers ofgoods or servicesresults in betterquality goods andservices at a lowerprice MonopolyMarket Structurewhere there arehigh barriers toenter, but totalcontrol over pricebecause there isonly one producerOligopolyMarketstructure wherethere are fewproducers, Highbarriers to entryIncentivesThings thatchangeeconomicbehavior andchoicesSurplusWhen supplyis greaterthan thedemand fora productDemandAmount of agood or servicethat consumersare willing andable to buy at acertain priceCorporationA type ofbusiness ownedby many peoplebut treated bylaw as though itwere a person.StakeholdersPerson with aninterest or concern insomething, especiallya business. typicallyinclude investors,employees, andcustomers.PriceThe amountof moneyexchangedfor a good orserviceSupplyHow much of theproduct isavailable forpurchase at agiven price by abusiness orsupplier.ConsumerPerson whobuys goodsor servicesfor their ownUSECooperativeOrganization owned andoperated by people whouse its services; they aredesignated as members,or user-owners. Profitsand earnings aredistributed among themembers PartnershipForm of abusiness withtwo or moreowners whoshare the risksand profitShortagewhen there isnot enough ortoo few goodsto meet thedemand of theconsumers.MarketAny place wheretwo or more partiescan meet to engagein an economictransaction(buying/selling ofgoods/services)

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. The branch of economics that looks at studying the behavior of an individual economic unit such as individual consumers, households, and businesses.
    Microeconomics
  2. Person who takes a risk to produce goods and services in search of profit- they combine the other factors of production
    Entrepreneur
  3. Earnings after all expenses have been paid
    Profit
  4. Person who creates economic value, or MAKES goods and provides services
    Producer
  5. People determine through purchases, what goods and services will be produced.
    Consumer Sovereignty
  6. Unincorporated business with only one owner who pays personal income tax on profits earned.
    Sole Proprietor
  7. Market structure where there are many producers, Similar products BUT variety is present, little control over price
    Monopolistic Competition
  8. Market Structure where there are Many producers, competition is high, but there are no/ few barriers to enter
    Perfect Competition
  9. Business whereby the owner licenses its operations—along with its products, branding, and knowledge—in exchange for a fee.
    Franchise
  10. another word for INCOME- money that is made from sales
    Revenue
  11. The economic condition where market demand and market supply are equal to each other
    Equilibrium
  12. Rivalry between producers/sellers of goods or services results in better quality goods and services at a lower price
    Market Competition
  13. Market Structure where there are high barriers to enter, but total control over price because there is only one producer
    Monopoly
  14. Market structure where there are few producers, High barriers to entry
    Oligopoly
  15. Things that change economic behavior and choices
    Incentives
  16. When supply is greater than the demand for a product
    Surplus
  17. Amount of a good or service that consumers are willing and able to buy at a certain price
    Demand
  18. A type of business owned by many people but treated by law as though it were a person.
    Corporation
  19. Person with an interest or concern in something, especially a business. typically include investors, employees, and customers.
    Stakeholders
  20. The amount of money exchanged for a good or service
    Price
  21. How much of the product is available for purchase at a given price by a business or supplier.
    Supply
  22. Person who buys goods or services for their own USE
    Consumer
  23. 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
  24. Form of a business with two or more owners who share the risks and profit
    Partnership
  25. when there is not enough or too few goods to meet the demand of the consumers.
    Shortage
  26. Any place where two or more parties can meet to engage in an economic transaction (buying/selling of goods/services)
    Market