{"id":254,"date":"2020-03-29T22:25:04","date_gmt":"2020-03-29T22:25:04","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/?post_type=chapter&#038;p=254"},"modified":"2020-03-29T22:25:04","modified_gmt":"2020-03-29T22:25:04","slug":"glossary-surplus","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/chapter\/glossary-surplus\/","title":{"raw":"Glossary: Surplus","rendered":"Glossary: Surplus"},"content":{"raw":"<dl id=\"fs-id1166067925505\" class=\"definition\"><dt>consumer surplus<\/dt><dd id=\"fs-id1166068655699\">the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid<\/dd><\/dl><dl id=\"fs-id1166086099625\" class=\"definition\"><dt>deadweight loss<\/dt><dd id=\"fs-id1166069806667\">the loss in social surplus that occurs when a market produces an inefficient quantity<\/dd><\/dl><dl id=\"fs-id1166072305589\" class=\"definition\"><dt>economic surplus<\/dt><dd id=\"fs-id1166071546261\">see social surplus<\/dd><\/dl><dl id=\"fs-id1166068138718\" class=\"definition\"><dt>producer surplus<\/dt><dd id=\"fs-id1166067494087\">the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept<\/dd><\/dl><dl id=\"fs-id1166067864252\" class=\"definition\"><dt>social surplus<\/dt><dd id=\"fs-id1166067494977\">the sum of consumer surplus and producer surplus<\/dd><\/dl>","rendered":"<dl id=\"fs-id1166067925505\" class=\"definition\">\n<dt>consumer surplus<\/dt>\n<dd id=\"fs-id1166068655699\">the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid<\/dd>\n<\/dl>\n<dl id=\"fs-id1166086099625\" class=\"definition\">\n<dt>deadweight loss<\/dt>\n<dd id=\"fs-id1166069806667\">the loss in social surplus that occurs when a market produces an inefficient quantity<\/dd>\n<\/dl>\n<dl id=\"fs-id1166072305589\" class=\"definition\">\n<dt>economic surplus<\/dt>\n<dd id=\"fs-id1166071546261\">see social surplus<\/dd>\n<\/dl>\n<dl id=\"fs-id1166068138718\" class=\"definition\">\n<dt>producer surplus<\/dt>\n<dd id=\"fs-id1166067494087\">the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept<\/dd>\n<\/dl>\n<dl id=\"fs-id1166067864252\" class=\"definition\">\n<dt>social surplus<\/dt>\n<dd id=\"fs-id1166067494977\">the sum of consumer surplus and producer surplus<\/dd>\n<\/dl>\n","protected":false},"author":59125,"menu_order":13,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-254","chapter","type-chapter","status-publish","hentry"],"part":211,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/chapters\/254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/wp\/v2\/users\/59125"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/chapters\/254\/revisions"}],"predecessor-version":[{"id":255,"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/chapters\/254\/revisions\/255"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/parts\/211"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/chapters\/254\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/wp\/v2\/media?parent=254"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/pressbooks\/v2\/chapter-type?post=254"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/wp\/v2\/contributor?post=254"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/wp-json\/wp\/v2\/license?post=254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}