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