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