Examlex
Discuss what is meant by a social insurance program,and provide examples.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefit to society from trading a good or service.
Producer Surplus
The difference between the amount a producer is willing to accept for a good or service versus what they actually receive.
Consumer Surplus
It is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
Market Equilibrium
The state in which market supply and demand balance each other, resulting in stable prices.
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