Outline the Two Individual Characteristics That Play a Role in Determining

question 5

Essay

Outline the two individual characteristics that play a role in determining whether a person behaves ethically.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, representing the benefit to producers.

Total Surplus

The total net gain to consumers and producers from trading in a market; the sum of the producer surplus and the consumer surplus.

Consumer Surplus

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

Free Trade

An economic policy that allows goods and services to be traded between countries with few or no barriers such as tariffs or quotas.