117 Glossary: Surplus
- consumer surplus
- the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid
- deadweight loss
- the loss in social surplus that occurs when a market produces an inefficient quantity
- economic surplus
- see social surplus
- producer surplus
- the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept
- social surplus
- the sum of consumer surplus and producer surplus