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Nelson EducationHigher EducationPrinciples of Microeconomics, Fourth Canadian EditionStudent Resources | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chapter 7. Consumers, Producers, and the Efficincey of Markets
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Cconsumer surplusa buyer's willingness to pay minus the amount the buyer actually pays cost the value of everything a seller must give up to produce a good
Eefficiencythe property of society getting the most it can from its scarce resources equity the property of distributing economic prosperity fairly among the members of society
Pproducer surplusthe amount a seller is paid for a good minus the seller's cost
Wwelfare economicsthe 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
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