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Mankiw Ch7

Principles of Economics

consumer surplus the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
cost the value of everything a seller must give up to produce a good
efficiency the property of a resource allocation of maximizing the total surplus received by all members of society
equality the property of distributing economic prosperity uniformly among the members of society
producer surplus the amount a seller is paid for a good minus the seller’s cost of providing it
welfare economics the 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
Created by: @ng3l