Macro Chapter 4
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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| welfare economics | the branch of economics that studies how the allocation of resources affects economic well-being (page 152)
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| willingness to pay | the maximum price a consumer will pay for a good; also called the reservation price (page 153)
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| the reservation price | willingness to pay
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| consumer surplus | the difference between the willingness to pay for a good (or service) and the price that is paid to get it (page 153)
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| willingness to sell | the minimum price a seller will accept to sell a good or service (page 155)
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| producer surplus | the difference between the price that the seller receives and the price at which the seller is willing to sell a good or service (page 155)
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| total surplus | the sum of consumer surplus and producer surplus; a measure of the well-being of all participants in a market, absent any government intervention
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| social welfare ( | total surplus
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| efficient | describing an outcome when allocation of resources maximizes total surplus (page 160)
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| equity | the fairness of the distribution of benefits among the members of a society (page 160)
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| excise taxes | taxes levied on a particular good or service (page 163)
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| incidence | the burden of taxation on the party who pays the tax through higher prices, regardless of whom the tax is actually levied on (page 163)
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| deadweight loss | the decrease in economic activity caused by market distortions (page 166)
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