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