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