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consumer surplus measures:
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Economics 1.2.8

Economics- Edexcel 1.2.8

TermDefinition
consumer surplus measures: the welfare that people gain from buying and consuming goods and services
consumer surplus the difference between the price that consumers are willing and able to pay for a good or service and the total amount that they do pay
welfare the health, happiness, and fortunes of a person or group
price discrimination a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to
producer surplus the difference between the price producers are willing and able to supply a product for and the price they receive in the market
another name for producer surplus supernormal profit
profit motive an individual's drive to undertake activities that will yield net economic gain
community surplus names also known as social or society surplus
community surplus the sum of consumer and producer surplus at a given price and quantity in a market
deadweight loss a cost to society created by market inefficiency, when supply and demand are not in equilibrium
Created by: jessharris
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