Willingness to pay Individual consumer surplus Total consumer surplus Consumer surplus Cost Individual producer surplus Total producer surplus Producer surplus Total surplus Property rights Economic signal Inefficiency Market failure | a term often used to refer to either individual producer surplus or to total producer surplus. the maximum price a consumer is prepared to pay for a good. the failure of a market to be efficient. the net gain to an individual buyer from the purchase of a good; equal to the difference between the buyer’s willingness to pay and the price paid. the net gain to an individual seller from selling a good; equal to the difference between the price received and the seller’s cost. a term often used to refer both to individual consumer surplus and to total consumer surplus. describes a market or economy in which there are missed opportunities: some people could be made better off without making other people worse off. the sum of the individual producer surpluses of all the sellers of a good in a market. any piece of information that helps people make better economic decisions. the total net gain to consumers and producers from trading in a market; the sum of the consumer surplus and the producer surplus. the rights of owners of valuable items, whether resources or goods, to dispose of those items as they choose. (of seller) the lowest price at which a seller is willing to sell a good. the sum of the individual consumer surpluses of all the buyers of a good in a market. |
Willingness to pay
Individual consumer surplus
Total consumer surplus
Consumer surplus
Cost
Individual producer surplus
Total producer surplus
Producer surplus
Total surplus
Property rights
Economic signal
Inefficiency
Market failure