InvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.InterestPaymentfor theuse ofcapitalTermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.RentPaymentfor theuse oflandShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.SupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...UtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceShift 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.SubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…UnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.AbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.Shift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…ClosedEconomyAn economythat doesnot engagein tradeOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uIncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…LaborHumaneffortused inproductionCapitalMachineryand toolsused inproduction EfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingQuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...LandNaturalresourcesused inproductionProfitPayment forentrepreneurshipWagesPaymentfor theuse oflaborComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.EquilibriumThe price andquantitywhere supplymeetsdemand.InelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…SpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageFactors ofProductionInputsneeded toproducegoods andservicesProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesMarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesScarcityLimitedresources tosatisfyunlimitedwantsInvisibleHandAdam Smith’s ideathat free marketprices will naturallyadjust to reachequilibrium withoutanyone having tocontrol prices.InterestPaymentfor theuse ofcapitalTermsofTradeThe amount of goodX that is traded forone unit of good Y -this is acceptable toboth parties when itis between bothopportunity costs.RentPaymentfor theuse oflandShortageA signal that themarket price is toolow; at this pricethe quantitydemanded isgreater than thequantity supplied.SupplyThe various quantitiesof a good or servicethat producers arewilling to sell at allpossible market prices.The curve representingthis is always upwardsloping.AttainableandInefficientProductionAnycombination ofproduction ofgoods that liesbelow (orinside) the PPCComplementGoodA product that isused with anothergood; forexample amousepad and acomputer mouse.QuantityDemandedChanges in aproduct'smarket pricewill leadcustomers todecrease ...UtilityThe satisfaction,or happiness,consumers getfrom consuminga good orserviceShift 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.SubstituteGoodA product that canbe used in place ofanother good; forexample a sweaterand a jacket.ConstantLinear PPCdictates theopportunity costof increasingthe productionof a good is…UnattainableProductionAny combinationof production ofgoods that liesabove (orbeyond) thePPC.AbsoluteAdvantageWhen oneparty canproduce moreof a good thananother party.Shift inDemandFactors such asconsumer tastes andpreferences, prices ofrelated goods,population in themarket, andexpectations for thefuture can cause a…ClosedEconomyAn economythat doesnot engagein tradeOpportunityCostThe value ofthe “next bestalternative” usefor resources;what is given uIncreasingA concave PPCdictates theopportunity costof increasingthe productionof a good is…LaborHumaneffortused inproductionCapitalMachineryand toolsused inproduction EfficientProductionAnycombination ofproduction ofgoods that liesalong the PPCTrade-OffsYou must makechoices abouthow to useresourcesbecause theyare scarceLaw ofDiminishingMarginalUtilityThe more of agood that isconsumed the lesssatisfaction isgained from eachadditional unit.ElasticWhen demandfor a good issensitive tochanges in pricewe say thedemand is…DemandThe desire,willingness, andability to buy a goodor service. Thecurve representingthis is alwaysdownward slopingQuantitySuppliedChanges in aproduct'smarket pricewill lead sellersto increase ...LandNaturalresourcesused inproductionProfitPayment forentrepreneurshipWagesPaymentfor theuse oflaborComparativeAdvantageWhen one partyhas a loweropportunity costto produce agood than itstrading partner.EquilibriumThe price andquantitywhere supplymeetsdemand.InelasticWhen demandfor a good is notsensitive tochanges in pricewe say thedemand is…SpecializationWhen a producerfocuses onproducing all ofone good in whichit has thecomparativeadvantageFactors ofProductionInputsneeded toproducegoods andservicesProductionPossibilitiesCurveA curve showingthe differentcombinations thatcan be producedwith the givenresourcesMarketPriceThe equilibriumprice foundwhere quantitydemandedequals quantitysuppliedEntrepreneurshipThe unique andnew combinationof economicresources toproduce newgoods andservicesScarcityLimitedresources tosatisfyunlimitedwants

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