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