(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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the act of buyers and sellers freely and willingly engaging in market transactions
voluntary exchange
Costs that do not vary with the quantity of output produced
fixed costs
the method used by a society to produce and distribute goods and services
economic system
economic system that allows individuals to pursue their own interests without undue governmental restriction
private enterprise
costs that vary directly with the level of production
variable costs
Tendency of suppliers to offer more of a good at a higher price
law of supply
A market in which there are many buyers but only one seller.
Monopoly
A system in which society, usually in the form of the government, owns and controls the means of production.
Socialism
consumers buy more of a good when its price decreases and less when its price increases
Law of Demand
the point at which the costs of producing a product equal the revenue made from selling the product
break-even point
a low turning point or a local minimum of a business cycle
Trough (business cycle)
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Market Economy
A market structure in which a few large firms dominate a market
Oligopoly
the price at which the quantity demanded equals the quantity supplied
equilibrium price
economic system that combines both private ownership and government ownership of the means of production
mixed market economy
Goods and Services sold to other countries
Exports
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
mixed economy
An economic system based on private ownership of capital
Capitalism
A stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
Recession (business cycle)
occurs after the business cycle peaks but before it becomes a trough
Contraction (Business Cycle)
Goods, such as clean air and clean water, that everyone must share.
public goods
Fluctuations in economic activity, such as employment and production
Business Cycle
period of renewed economic growth following a recession or depression
Recovery (Business Cycle)
A situation in which quantity supplied is greater than quantity demanded
Surplus
Limited quantities of resources to meet unlimited wants
Scarcity
the height of an economic expansion, when real GDP stops rising
peak (business cycle)
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
free enterprise
Period of economic growth; unemployment is decreasing and workers are earning high wages
Expansion (Business Cycle)
the most desirable alternative given up as the result of a decision
opportunity cost
bring (goods or services) into a country from abroad for sale.
import
