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FIGURE EX 6-1 In order to enter a ScreenTip to go with your hyperlink, you would click ScreenTip in the dialog box shown in Figure EX 6-1 above. The Set Hyperlink ScreenTip ____ will appear.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, typically represented by the area above the supply curve and below the market price.
Consumer Surplus
The variance between the amount consumers are inclined to pay for a good or service and what they actually pay.
Wage Rates
The standardized amount of money paid for a specific quantity of labor or output, typically expressed as an amount per hour.
Autarky
An economic system where a country seeks to be self-sufficient and limit trade with foreign nations.
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