Shift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…RentPaymentfor theuse oflandComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.ClosedEconomyAn economythat doesnot engagein tradeUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.OpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uMarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesEfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.ShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.Trade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…ScarcityLimitedresources tosatisfyunlimitedwantsIncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCSubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.SurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...ComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.EquilibriumThe price andquantitywhere supplymeetsdemand.LandNaturalresourcesused inproductionProfitPayment forentrepreneurshipShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingInterestPaymentfor theuse ofcapitalUtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.CapitalMachineryand toolsused inproduction LaborHumaneffortused inproductionSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageAbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...Factors ofProductionInputsneeded toproducegoods andservicesInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.TermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.InelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…WagesPaymentfor theuse oflaborShift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…RentPaymentfor theuse oflandComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.ClosedEconomyAn economythat doesnot engagein tradeUnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.OpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uMarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesEfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.ShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.Trade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…ScarcityLimitedresources tosatisfyunlimitedwantsIncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCSubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.SurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...ComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.EquilibriumThe price andquantitywhere supplymeetsdemand.LandNaturalresourcesused inproductionProfitPayment forentrepreneurshipShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingInterestPaymentfor theuse ofcapitalUtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.CapitalMachineryand toolsused inproduction LaborHumaneffortused inproductionSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageAbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...Factors ofProductionInputsneeded toproducegoods andservicesInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.TermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.InelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…WagesPaymentfor theuse oflabor

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