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7 Cards in this Set

  • Front
  • Back
Cost
The value of everything a seller must give up to produce a good
Consumer Surplus
The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
Equality
The property of distributing economic prosperity uniformly among members of a society
Efficiency
The property of society getting the most it can from its scarce resources
Producer Surplus
The amount a seller is paid for a good minus the seller's cost of providing it
Welfare Economics
The study of how the allocation of resources affects economic well-being
Willingness to Pay
The maximum amount that a buyer will pay for a good