SurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.EntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.ProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesInelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…OpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceFactors ofProductionInputsneeded toproducegoods andservicesShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.ClosedEconomyAn economythat doesnot engagein tradeUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCQuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...IncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…InvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.ComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…ScarcityLimitedresources tosatisfyunlimitedwantsDemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingRentPaymentfor theuse oflandMarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…UtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceEfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCQuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...LandNaturalresourcesused inproductionShift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…InterestPaymentfor theuse ofcapitalEquilibriumThe price andquantitywhere supplymeetsdemand.SubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.TermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.ProfitPayment forentrepreneurshipComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.AbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.WagesPaymentfor theuse oflaborCapitalMachineryand toolsused inproduction LaborHumaneffortused inproductionSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.SurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.EntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.ProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesInelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…OpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceFactors ofProductionInputsneeded toproducegoods andservicesShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.ClosedEconomyAn economythat doesnot engagein tradeUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCQuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...IncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…InvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.ComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…ScarcityLimitedresources tosatisfyunlimitedwantsDemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingRentPaymentfor theuse oflandMarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…UtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceEfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCQuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...LandNaturalresourcesused inproductionShift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…InterestPaymentfor theuse ofcapitalEquilibriumThe price andquantitywhere supplymeetsdemand.SubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.TermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.ProfitPayment forentrepreneurshipComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.AbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.WagesPaymentfor theuse oflaborCapitalMachineryand toolsused inproduction LaborHumaneffortused inproductionSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.

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