EntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesComplementGoodA 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…DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesWagesPaymentfor theuse oflaborShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…EquilibriumThe price andquantitywhere supplymeetsdemand.ShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...ProfitPayment forentrepreneurshipTermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...IncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…EfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCInelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…AbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.SubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.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…LandNaturalresourcesused inproductionClosedEconomyAn economythat doesnot engagein tradeRentPaymentfor theuse oflandOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.CapitalMachineryand toolsused inproduction Factors ofProductionInputsneeded toproducegoods andservicesLaborHumaneffortused inproductionSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.MarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.ScarcityLimitedresources tosatisfyunlimitedwantsLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.Trade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceSurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.InterestPaymentfor theuse ofcapitalEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesComplementGoodA 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…DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesWagesPaymentfor theuse oflaborShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…EquilibriumThe price andquantitywhere supplymeetsdemand.ShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...ProfitPayment forentrepreneurshipTermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...IncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…EfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCInelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…AbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.SubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.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…LandNaturalresourcesused inproductionClosedEconomyAn economythat doesnot engagein tradeRentPaymentfor theuse oflandOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.CapitalMachineryand toolsused inproduction Factors ofProductionInputsneeded toproducegoods andservicesLaborHumaneffortused inproductionSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.MarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.ScarcityLimitedresources tosatisfyunlimitedwantsLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.Trade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceSurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.InterestPaymentfor theuse ofcapital

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