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