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As part of creating an environment of respect and rapport, explain "emotional objectivity" and provide an example of it in the classroom.
Consumer Surplus
The variance between the aggregate sum consumers are prepared and capable of spending for a product or service and the aggregate sum they end up paying.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual amount they receive following trade.
Marginal Benefit
The boost in pleasure or utility a person gets from purchasing one more unit of a product or service.
Output
The aggregate output of products or services generated by an enterprise, sector, or economic system over a defined time frame.
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