Glossary · Micro · Market analysis and welfare
Total surplus
Consumer surplus plus producer surplus: the whole gain a market creates for buyers and sellers together. A competitive equilibrium makes it as large as possible, which is what economists mean by an efficient market.
Also called: economic surplus, social surplus, welfare
Related terms
More from market analysis and welfare
Definitions are the start
See the term used, not just defined.
The full course teaches every term in context, with worked examples, interactive graphs and practice questions that remember what you get wrong.