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Producer Surplus
is the difference between the amount producers are willing to accept for a good or service versus what they actually receive.
Consumer Surplus
The discrepancy between the sum consumers are ready and able to spend on a good or service and the sum they end up paying.
Consumer Surplus
The distinction between the expected total consumer spending on a product or service and the real total paid.
Trade
The exchange of goods, services, or both between two parties, whether within the interior of a country or across international borders.
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