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