QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...IncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…LaborHumaneffortused inproductionWagesPaymentfor theuse oflaborComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.MarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedSurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…Shift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…CapitalMachineryand toolsused inproduction Factors ofProductionInputsneeded toproducegoods andservicesUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.RentPaymentfor theuse oflandDemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.Shift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…LandNaturalresourcesused inproductionInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.Law ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.EntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesTermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.ProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesEfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCClosedEconomyAn economythat doesnot engagein tradeAbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.SpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.ProfitPayment forentrepreneurshipInelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…ShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.ScarcityLimitedresources tosatisfyunlimitedwantsEquilibriumThe price andquantitywhere supplymeetsdemand.ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…InterestPaymentfor theuse ofcapitalSubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.UtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceAttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCQuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...IncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…LaborHumaneffortused inproductionWagesPaymentfor theuse oflaborComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.MarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedSurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…Shift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…CapitalMachineryand toolsused inproduction Factors ofProductionInputsneeded toproducegoods andservicesUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.RentPaymentfor theuse oflandDemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.Shift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…LandNaturalresourcesused inproductionInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.Law ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.EntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesTermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.ProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesEfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCClosedEconomyAn economythat doesnot engagein tradeAbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.SpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.ProfitPayment forentrepreneurshipInelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…ShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.ScarcityLimitedresources tosatisfyunlimitedwantsEquilibriumThe price andquantitywhere supplymeetsdemand.ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…InterestPaymentfor theuse ofcapitalSubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.UtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceAttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPC

AP Macro: Unit 1 Vocab - 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. Changes in a product's market price will lead customers to decrease ...
    Quantity Demanded
  2. Changes in a product's market price will lead sellers to increase ...
    Quantity Supplied
  3. A concave PPC dictates the opportunity cost of increasing the production of a good is…
    Increasing
  4. Human effort used in production
    Labor
  5. Payment for the use of labor
    Wages
  6. When one party has a lower opportunity cost to produce a good than its trading partner.
    Comparative Advantage
  7. The equilibrium price found where quantity demanded equals quantity supplied
    Market Price
  8. A signal that the market price is too high; at this price the quantity supplied is greater than the quantity demanded.
    Surplus
  9. When demand for a good is sensitive to changes in price we say the demand is…
    Elastic
  10. Factors such as input prices, number of sellers in the market, technology improvements, and expectations for the future can cause a…
    Shift in Supply
  11. Machinery and tools used in production
    Capital
  12. Inputs needed to produce goods and services
    Factors of Production
  13. Any combination of production of goods that lies above (or beyond) the PPC.
    Unattainable Production
  14. Payment for the use of land
    Rent
  15. The desire, willingness, and ability to buy a good or service. The curve representing this is always downward sloping
    Demand
  16. You must make choices about how to use resources because they are scarce
    Trade-Offs
  17. The value of the “next best alternative” use for resources; what is given u
    Opportunity Cost
  18. A product that is used with another good; for example a mousepad and a computer mouse.
    Complement Good
  19. Factors such as consumer tastes and preferences, prices of related goods, population in the market, and expectations for the future can cause a…
    Shift in Demand
  20. Natural resources used in production
    Land
  21. Adam Smith’s idea that free market prices will naturally adjust to reach equilibrium without anyone having to control prices.
    Invisible Hand
  22. The more of a good that is consumed the less satisfaction is gained from each additional unit.
    Law of Diminishing Marginal Utility
  23. The unique and new combination of economic resources to produce new goods and services
    Entrepreneurship
  24. The amount of good X that is traded for one unit of good Y - this is acceptable to both parties when it is between both opportunity costs.
    Terms of Trade
  25. A curve showing the different combinations that can be produced with the given resources
    Production Possibilities Curve
  26. Any combination of production of goods that lies along the PPC
    Efficient Production
  27. An economy that does not engage in trade
    Closed Economy
  28. When one party can produce more of a good than another party.
    Absolute Advantage
  29. When a producer focuses on producing all of one good in which it has the comparative advantage
    Specialization
  30. The various quantities of a good or service that producers are willing to sell at all possible market prices. The curve representing this is always upward sloping.
    Supply
  31. Payment for entrepreneurship
    Profit
  32. When demand for a good is not sensitive to changes in price we say the demand is…
    Inelastic
  33. A signal that the market price is too low; at this price the quantity demanded is greater than the quantity supplied.
    Shortage
  34. Limited resources to satisfy unlimited wants
    Scarcity
  35. The price and quantity where supply meets demand.
    Equilibrium
  36. Linear PPC dictates the opportunity cost of increasing the production of a good is…
    Constant
  37. Payment for the use of capital
    Interest
  38. A product that can be used in place of another good; for example a sweater and a jacket.
    Substitute Good
  39. The satisfaction, or happiness, consumers get from consuming a good or service
    Utility
  40. Any combination of production of goods that lies below (or inside) the PPC
    Attainable and Inefficient Production