Principles of Economics
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 | the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
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cost | the value of everything a seller must give up to produce a good
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efficiency | the property of a resource allocation of maximizing the total surplus received by all members of society
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equality | the property of distributing economic prosperity uniformly among the members of society
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producer surplus | the amount a seller is paid for a good minus the seller’s cost of providing it
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welfare economics | the study of how the allocation of resources affects economic well-being
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willingness to pay | the maximum amount that a buyer will pay for a good
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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