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

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