ComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.ScarcityLimitedresources tosatisfyunlimitedwantsShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.MarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageLaborHumaneffortused inproductionOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…EfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.InelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…EquilibriumThe price andquantitywhere supplymeetsdemand.RentPaymentfor theuse oflandShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...ComplementGoodA 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…ProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesIncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCProfitPayment forentrepreneurshipSubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.WagesPaymentfor theuse oflaborInterestPaymentfor theuse ofcapitalCapitalMachineryand toolsused inproduction UnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.InvisibleHandAdam 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.LandNaturalresourcesused inproductionAbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...Factors ofProductionInputsneeded toproducegoods andservicesSurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingUtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceClosedEconomyAn economythat doesnot engagein tradeComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.ScarcityLimitedresources tosatisfyunlimitedwantsShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.MarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesSpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageLaborHumaneffortused inproductionOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…EfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceSupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.InelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…EquilibriumThe price andquantitywhere supplymeetsdemand.RentPaymentfor theuse oflandShift inSupplyFactors such as inputprices, number ofsellers in the market,technologyimprovements, andexpectations for thefuture can cause a…ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...ComplementGoodA 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…ProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesIncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCProfitPayment forentrepreneurshipSubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.WagesPaymentfor theuse oflaborInterestPaymentfor theuse ofcapitalCapitalMachineryand toolsused inproduction UnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.InvisibleHandAdam 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.LandNaturalresourcesused inproductionAbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.QuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...Factors ofProductionInputsneeded toproducegoods andservicesSurplusA signal that themarket price is toohigh; at this pricethe quantitysupplied is greaterthan the quantitydemanded.DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingUtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceClosedEconomyAn economythat doesnot engagein trade

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