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

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