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

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