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What is economic surplus and how does it work?

1 month ago   |   By Business Insider

The law of supply and demand is inherently related to consumers and producers, the two parts that make up economic surplus.
Rachel Mendelson/Insider
Surplus refers to an excess of production or supply over demand.
Economic surplus is made of two parts, consumer surplus and producer surplus, and is a measure of market wellbeing.
Certain factors, such as over or underproduction and taxes, can affect economic surplus and market efficiency.
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The term "surplus" typically refers to having more of something than is actually needed or...
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