Economics- Edexcel 1.2.8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| consumer surplus measures: | the welfare that people gain from buying and consuming goods and services
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| 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
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| welfare | the health, happiness, and fortunes of a person or group
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| 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
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| 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
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| another name for producer surplus | supernormal profit
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| profit motive | an individual's drive to undertake activities that will yield net economic gain
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| community surplus names | also known as social or society surplus
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| community surplus | the sum of consumer and producer surplus at a given price and quantity in a market
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| deadweight loss | a cost to society created by market inefficiency, when supply and demand are not in equilibrium
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