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Definition
| the study of how the allocation of resources affects economic well-being |
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Definition
| the maximum amount that a buyer will pay for a good |
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Definition
| the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it |
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Definition
| the value of everything a seller must give up to produce a good |
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Definition
| the amount a seller is paid for a good minus the seller's cost of providing it |
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Term
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Definition
the property of a resource allocation of maximizing the total surplus received by all members of society |
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Term
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Definition
| the property of distributing economic prosperity uniformly among the members of society |
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