Examlex
Positive economics question, "What ought to be?" Normative economics predicts the consequences of alternative actions, answering the questions, "What is?" or "What will be?"
Consumer Surplus
The discrepancy between consumer willingness to pay a total amount for a product or service and the amount they really do pay.
Consumer Surplus
The difference in the total amount consumers are predisposed and financially prepared to pay for a good or service versus their actual expenses.
Normal Good
A good for which demand increases as consumer income rises, and decreases when consumer income falls, all other factors being constant.
Decrease in Income
A reduction in the amount of money received by an individual or entity, which can affect consumption and saving behaviors.
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