CommandMarketEconomyan economy inwhich production,investment, prices,and incomes aredeterminedcentrally by agovernment.BusinessCycleFluctuations ineconomicactivity, such asemploymentand productionmixedmarketeconomyeconomic systemthat combines bothprivate ownershipand governmentownership of themeans ofproductionequilibriumpricethe price at whichthe quantitydemandedequals thequantity suppliedExpansion(BusinessCycle)Period ofeconomic growth;unemployment isdecreasing andworkers areearning highwageslaw ofsupplyTendency ofsuppliers tooffer more ofa good at ahigher pricefreeenterpriseEconomic system inwhich individuals andbusinesses areallowed to competefor profit with aminimum ofgovernmentinterferencebreak-evenpointthe point at whichthe costs ofproducing aproduct equal therevenue madefrom selling theproductvariablecostscosts thatvary directlywith the levelof productionContraction(BusinessCycle)occurs after thebusiness cyclepeaks butbefore itbecomes atroughSurplusA situation inwhich quantitysupplied isgreater thanquantitydemandedSocialismA system in whichsociety, usually inthe form of thegovernment, ownsand controls themeans ofproduction.opportunitycostthe mostdesirablealternativegiven up as theresult of adecisionimportbring (goodsor services)into a countryfrom abroadfor sale.economicsystemthe methodused by asociety toproduce anddistribute goodsand servicesmixedeconomyAn economy in whichprivate enterpriseexists in combinationwith a considerableamount ofgovernmentregulation andpromotion.Trough(businesscycle)a low turningpoint or alocal minimumof a businesscycleExportsGoods andServicessold to othercountriesScarcityLimitedquantities ofresources tomeet unlimitedwantsCapitalismAn economicsystem basedon privateownership ofcapitalfixedcostsCosts that donot vary withthe quantityof outputproducedvoluntaryexchangethe act of buyersand sellers freelyand willinglyengaging inmarkettransactionsLaw ofDemandconsumers buymore of a goodwhen its pricedecreases andless when itsprice increasespublicgoodsGoods, such asclean air andclean water,that everyonemust share.Recession(businesscycle)A stage of thebusiness cycle duringwhich unemploymentrises and total buyingpower declines,stifling bothconsumer andbusiness spendingpeak(businesscycle)the height of aneconomicexpansion,when real GDPstops risingMonopolyA market inwhich thereare manybuyers butonly one seller.Recovery(BusinessCycle)period ofrenewedeconomicgrowth followinga recession ordepressionOligopolyA marketstructure inwhich a fewlarge firmsdominate amarketprivateenterpriseeconomic systemthat allowsindividuals to pursuetheir own interestswithout unduegovernmentalrestrictionCommandMarketEconomyan economy inwhich production,investment, prices,and incomes aredeterminedcentrally by agovernment.BusinessCycleFluctuations ineconomicactivity, such asemploymentand productionmixedmarketeconomyeconomic systemthat combines bothprivate ownershipand governmentownership of themeans ofproductionequilibriumpricethe price at whichthe quantitydemandedequals thequantity suppliedExpansion(BusinessCycle)Period ofeconomic growth;unemployment isdecreasing andworkers areearning highwageslaw ofsupplyTendency ofsuppliers tooffer more ofa good at ahigher pricefreeenterpriseEconomic system inwhich individuals andbusinesses areallowed to competefor profit with aminimum ofgovernmentinterferencebreak-evenpointthe point at whichthe costs ofproducing aproduct equal therevenue madefrom selling theproductvariablecostscosts thatvary directlywith the levelof productionContraction(BusinessCycle)occurs after thebusiness cyclepeaks butbefore itbecomes atroughSurplusA situation inwhich quantitysupplied isgreater thanquantitydemandedSocialismA system in whichsociety, usually inthe form of thegovernment, ownsand controls themeans ofproduction.opportunitycostthe mostdesirablealternativegiven up as theresult of adecisionimportbring (goodsor services)into a countryfrom abroadfor sale.economicsystemthe methodused by asociety toproduce anddistribute goodsand servicesmixedeconomyAn economy in whichprivate enterpriseexists in combinationwith a considerableamount ofgovernmentregulation andpromotion.Trough(businesscycle)a low turningpoint or alocal minimumof a businesscycleExportsGoods andServicessold to othercountriesScarcityLimitedquantities ofresources tomeet unlimitedwantsCapitalismAn economicsystem basedon privateownership ofcapitalfixedcostsCosts that donot vary withthe quantityof outputproducedvoluntaryexchangethe act of buyersand sellers freelyand willinglyengaging inmarkettransactionsLaw ofDemandconsumers buymore of a goodwhen its pricedecreases andless when itsprice increasespublicgoodsGoods, such asclean air andclean water,that everyonemust share.Recession(businesscycle)A stage of thebusiness cycle duringwhich unemploymentrises and total buyingpower declines,stifling bothconsumer andbusiness spendingpeak(businesscycle)the height of aneconomicexpansion,when real GDPstops risingMonopolyA market inwhich thereare manybuyers butonly one seller.Recovery(BusinessCycle)period ofrenewedeconomicgrowth followinga recession ordepressionOligopolyA marketstructure inwhich a fewlarge firmsdominate amarketprivateenterpriseeconomic systemthat allowsindividuals to pursuetheir own interestswithout unduegovernmentalrestriction

Business Econ Bingo - 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.


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
  1. an economy in which production, investment, prices, and incomes are determined centrally by a government.
    Command Market Economy
  2. Fluctuations in economic activity, such as employment and production
    Business Cycle
  3. economic system that combines both private ownership and government ownership of the means of production
    mixed market economy
  4. the price at which the quantity demanded equals the quantity supplied
    equilibrium price
  5. Period of economic growth; unemployment is decreasing and workers are earning high wages
    Expansion (Business Cycle)
  6. Tendency of suppliers to offer more of a good at a higher price
    law of supply
  7. Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
    free enterprise
  8. the point at which the costs of producing a product equal the revenue made from selling the product
    break-even point
  9. costs that vary directly with the level of production
    variable costs
  10. occurs after the business cycle peaks but before it becomes a trough
    Contraction (Business Cycle)
  11. A situation in which quantity supplied is greater than quantity demanded
    Surplus
  12. A system in which society, usually in the form of the government, owns and controls the means of production.
    Socialism
  13. the most desirable alternative given up as the result of a decision
    opportunity cost
  14. bring (goods or services) into a country from abroad for sale.
    import
  15. the method used by a society to produce and distribute goods and services
    economic system
  16. An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
    mixed economy
  17. a low turning point or a local minimum of a business cycle
    Trough (business cycle)
  18. Goods and Services sold to other countries
    Exports
  19. Limited quantities of resources to meet unlimited wants
    Scarcity
  20. An economic system based on private ownership of capital
    Capitalism
  21. Costs that do not vary with the quantity of output produced
    fixed costs
  22. the act of buyers and sellers freely and willingly engaging in market transactions
    voluntary exchange
  23. consumers buy more of a good when its price decreases and less when its price increases
    Law of Demand
  24. Goods, such as clean air and clean water, that everyone must share.
    public goods
  25. A stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
    Recession (business cycle)
  26. the height of an economic expansion, when real GDP stops rising
    peak (business cycle)
  27. A market in which there are many buyers but only one seller.
    Monopoly
  28. period of renewed economic growth following a recession or depression
    Recovery (Business Cycle)
  29. A market structure in which a few large firms dominate a market
    Oligopoly
  30. economic system that allows individuals to pursue their own interests without undue governmental restriction
    private enterprise