What is Economic surplus?
[[File:Economic-surpluses.svg|thumb|275px|Graph illustrating consumer (red) and producer (blue) surpluses on a supply and demand chart]] An '''economic surplus''' is when you have more of something in the [[economy]] than people demand. There are two types: '''Consumers' surplus''' is the gain by [[consumer]]s who can buy a product for less than the highest price that they would be willing to pay. '''Producers' surplus''' is the amount got by [[producer]]s who sell at a market price higher than the least they would be willing to sell for.<ref>{{Cite journal|last=Boulding|first=Kenneth E.|date=1945|title=The Concept of Economic Surplus|url=https://archive.org/details/sim_american-economic-review_1945-12_35_5/page/851|jstor=1812599|journal=The American Economic Review|volume=35|issue=5|pages=851–869}}</ref><ref>{{Cite web|url=https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus|title=Consumer and producer surplus{{!}}Microeconomics{{!}}Khan Academy|website=Khan Academy|language=en}}</ref> == References == {{reflist}} {{-}} {{stub}} [[Category:Microeconomics]] [[Category:Welfare economics]]