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