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

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