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

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