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

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