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Warmoth Gibbs 7

ECO 2023 Module 7

QuestionAnswer
welfare economics the study of how the allocation of resources affects economic well-being
willingness to pay the maximum amount that a buyer will pay for a good
consumer surplus the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
cost the value of everything a seller must give up to produce a good
producer surplus the amount a seller is paid for a good minus the seller's cost of providing it
efficiency the property of a resource allocation of maximizing the total surplus received by all members of society
equality the property of distributing economic prosperity uniformly among the members of society
Created by: Gutter23
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