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(Figure: Supply Shift) In the figure, the supply curve shifted from S0 to S1. To describe this movement, we would say that: Figure: Supply Shift
Total Surplus
The sum of consumer and producer surplus, representing the total benefit to society from the production and consumption of goods or services.
Trade
The exchange of goods, services, or both between two or more parties.
Producer Surplus
The difference between the amount a producer is paid for a good or service and the minimum amount they are willing to accept for producing it.
Trade
The action of buying, selling, or exchanging goods and services between people, firms, or countries.
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