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