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