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