Economic Surplus is the overall benefit a society composed of consumers and producers receives when a good or service is bought or sold, given a quantity provided and a price attached. Economic Surplus is divided into two parts: consumer and producer surplus. |
Consumer surplus refers to the benefit consumers receive from purchasing a good/service that they would have been willing to pay more for. Producer surplus refers to the benefit a producer receives from providing a good/service at a market price that they would have been willing to sell at a lower price.
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