Unit 2 Microeconomics Vocabulary - 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.

1. A measure of how the quantity demanded of a good changes when consumer income changes.
   Income Elasticity
2. Complements in production. Two goods that are produced at the same time.
   Co-Produced Goods
3. The result when the supply curve shifts right and the demand curve shifts left.
   Pe decreases, but Qe is indeterminate
4. As price increases, quantity demanded decreases
   Law of Demand
5. The result when the supply curve and the demand curve both shift left
   Qe decreases, but Pe will be indeterminate.
6. A fixed income can buy fewer goods at more expensive prices
   Income Effect
7. A measure of how the quantity demanded of good A change when the price of good B changes
   Cross-Price Elasticity
8. The extra benefit enjoyed by producers who sell their product for a higher price than they were willing to sell at.
   Producer Surplus
9. A movement along the demand curve as a result of a change in price.
   Change in Quantity Demanded
10. When Qs>Qd
    Surplus
11. Goods you buy less of when income increases.
    Inferior Goods
12. The price where the quantity demanded is equal to the quantity supplied.
    Market Equilibrium
13. Consumers will buy fewer goods at higher prices, because they can substitute them for cheaper alternatives
    Substitution Effect
14. The per-unit tax multiplied by the quantity of the good sold, collected by the government
    Tax Revenue
15. The result when the demand curve shifts right and the supply curve shifts left
    Pe increases, but Qe is indeterminate
16. The result when the demand increases
    Pe increases, and Qe increases
17. As price increases, quantity supplied increases
    Law of Supply
18. The result when the demand curve shifts right and the supply curve shifts right
    Qe increases, but Pe will be indeterminate
19. Goods you buy more of when income increases.
    Normal Goods
20. The result when the supply increases
    Pe decreases, and Qe increases
21. A country that engages in trade without barriers.
    Free Trade
22. paid by the consumer and producer to the government
    Taxes
23. When the absolute value of the elasticity is greater than 1.
    Relatively Elastic
24. shifters of the demand curve
    PIRATE
25. The minimum price that a consumer can pay for a good or service.
    Price Floor
26. Goods that consumers typically purchase to use together.
    Complement Goods
27. responsiveness or sensitivity
    Elasticity
28. The result when the demand decreases
    Pe decreases, and Qe decreases
29. When Qd>Qs
    Shortage
30. How sensitive producers are to a change in price of a product
    Elasticity of Supply
31. When the elasticity is 0.
    Perfectly Inelastic
32. Goods that consumers consider alternatives.
    Substitute Goods
33. Two different products a producer could choose to make.
    Substitutes in Production
34. The maximum price that a consumer can pay for a good or service.
    Price Ceiling
35. When the absolute value of the elasticity is less than 1.
    Relatively Inelastic
36. Loss of economic surplus as a result of the market not being allocatively efficient.
    Deadweight Loss
37. Consumers will buy fewer goods at higher prices because they get less and less satisfaction from each additional consumption.
    Diminishing Marginal Utility
38. Tax paid on imported goods
    Tariff
39. How sensitive consumers are to a change in price of a product
    Elasticity of Demand
40. shifters of the supply curve
    ROTTEN
41. The result when the supply decreases
    Pe increases, and Qe decreases
42. A country that does not engage in trade (closed economy)
    Autarky
43. A movement along the supply curve as a result of a change in price.
    Change in Quantity Supplied
44. A limit to the quantity of a good that can be imported.
    Quota
45. The extra benefit enjoyed by consumers who buy a product for a lower price than what they were willing to pay.
    Consumer Surplus
46. A payment from the government to firms to incentivize production of a good
    Subsidy
47. When the elasticity is infinite.
    Perfectly Elastic
48. The sum of consumer surplus and producer surplus
    Total Economic Surplus
49. (new-old)/old * 100%
    Percent Change