(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
A situation in which quantity supplied is greater than quantity demanded
Surplus
occurs after the business cycle peaks but before it becomes a trough
Contraction (Business Cycle)
economic system that allows individuals to pursue their own interests without undue governmental restriction
private enterprise
Goods and Services sold to other countries
Exports
Limited quantities of resources to meet unlimited wants
Scarcity
the method used by a society to produce and distribute goods and services
economic system
the most desirable alternative given up as the result of a decision
opportunity cost
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Market Economy
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
bring (goods or services) into a country from abroad for sale.
import
Period of economic growth; unemployment is decreasing and workers are earning high wages
Expansion (Business Cycle)
Fluctuations in economic activity, such as employment and production
Business Cycle
A stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
Recession (business cycle)
Goods, such as clean air and clean water, that everyone must share.
public goods
economic system that combines both private ownership and government ownership of the means of production
mixed market economy
An economic system based on private ownership of capital
Capitalism
A market structure in which a few large firms dominate a market
Oligopoly
costs that vary directly with the level of production
variable costs
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
free enterprise
a low turning point or a local minimum of a business cycle
Trough (business cycle)
consumers buy more of a good when its price decreases and less when its price increases
Law of Demand
the height of an economic expansion, when real GDP stops rising
peak (business cycle)
A system in which society, usually in the form of the government, owns and controls the means of production.
Socialism
the price at which the quantity demanded equals the quantity supplied
equilibrium price
the point at which the costs of producing a product equal the revenue made from selling the product
break-even point
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
mixed economy
period of renewed economic growth following a recession or depression
Recovery (Business Cycle)
