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