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