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