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