Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics 1.2.8
Economics- Edexcel 1.2.8
| Term | Definition |
|---|---|
| consumer surplus measures: | the welfare that people gain from buying and consuming goods and services |
| consumer surplus | the difference between the price that consumers are willing and able to pay for a good or service and the total amount that they do pay |
| welfare | the health, happiness, and fortunes of a person or group |
| price discrimination | a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to |
| producer surplus | the difference between the price producers are willing and able to supply a product for and the price they receive in the market |
| another name for producer surplus | supernormal profit |
| profit motive | an individual's drive to undertake activities that will yield net economic gain |
| community surplus names | also known as social or society surplus |
| community surplus | the sum of consumer and producer surplus at a given price and quantity in a market |
| deadweight loss | a cost to society created by market inefficiency, when supply and demand are not in equilibrium |
Created by:
jessharris
Popular Economics sets