Economics 1.2.8 Word Scramble
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| 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 |
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jessharris
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