117 Glossary: Surplus (88/160) -- Microeconomics

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