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Economic surplus

Index Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities. [1]

26 relations: Alfred Marshall, Deadweight loss, Demand curve, Economic equilibrium, Economic rent, Economics, Gross domestic product, Gross operating surplus, Henry George, Induced demand, Integral, J. Bradford DeLong, Jules Dupuit, Mainstream economics, Market price, Price discrimination, Price support, Profit (accounting), Progress and Poverty, Shortage, Supply and demand, Surplus product, Surplus value, Utility, Value added, Welfare economics.

Alfred Marshall

Alfred Marshall, FBA (26 July 1842 – 13 July 1924) was one of the most influential economists of his time.

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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Demand curve

In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic rent

In economics, economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.

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Gross operating surplus

In the national accounts, gross operating surplus (GOS) is the portion of income derived from production by incorporated enterprises that is earned by the capital factor.

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Henry George

Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist.

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Induced demand

Induced demand, or latent demand, is the phenomenon that after supply increases, more of a good is consumed.

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Integral

In mathematics, an integral assigns numbers to functions in a way that can describe displacement, area, volume, and other concepts that arise by combining infinitesimal data.

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J. Bradford DeLong

James Bradford "Brad" DeLong (born June 24, 1960) is an economic historian who is professor of Economics at the University of California, Berkeley.

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Jules Dupuit

Arsène Jules Étienne Juvenel Dupuit (18 May 1804 – 5 September 1866) was an Italian-born French civil engineer and economist.

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Mainstream economics

Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.

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Market price

In economics, market price is the economic price for which a good or service is offered in the marketplace.

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Price discrimination

Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets.

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Price support

In economics, a price support may be either a subsidy or a price control, both with the intended effect of keeping the market price of a good higher than the competitive equilibrium level.

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Profit (accounting)

Profit, in accounting, is an income distributed to the owner in a profitable market production process (business).

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Progress and Poverty

Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy is an 1879 book by social theorist and economist Henry George.

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Shortage

In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market.

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Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market.

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Surplus product

Surplus product (German: Mehrprodukt) is an economic concept explicitly theorised by Karl Marx in his critique of political economy.

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Surplus value

Surplus value is a central concept in Karl Marx's critique of political economy.

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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Value added

In business, the difference between the sale price and the production cost of a product is the unit profit.

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Welfare economics

Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level.

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Redirects here:

Consumer Surplus, Consumer and producer surplus, Consumer surplus, Consumer's Surplus, Consumer's surplus, Consumers surplus, Consumers' Surplus, Consumers' surplus, Marshallian surplus, Producer Surplus, Producer surplus, Producer's Surplus, Producer's surplus, Producers surplus, Producers' Surplus, Producers' surplus, Rule of one-half, Social surplus, Surplus (economics).

References

[1] https://en.wikipedia.org/wiki/Economic_surplus

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