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Key Terms Instructions: Please Define the Following Key Terms

question 23

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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
socialism with a human face


Definitions:

Market Units

Denotes the standardized quantities or measures used to specify transactions in a particular market.

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay.

Government Policy

Principles and actions by which a government aims to influence or control the economy, social and financial matters.

Consumer Surplus

Represents the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.

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