Take Part in a Parents' Evening

question 19

Essay

Take part in a parents' evening. What did you learn from it?

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Definitions:

Consumer's Surplus

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

Excess Demand

A situation where the quantity demanded of a good exceeds the quantity supplied at the current price.

Compensating Variation

Compensating variation is an economic concept that measures the amount of money one would need to reach their original level of utility after a price change or economic policy impact.

Price Increase

A rise in the cost of a good or service.