Examlex
Assume planned aggregate expenditures are $400 billion, consumption is $120 billion, investment is $60 billion, and government spending is $70 billion. Compute the trade balance.
Consumer Surplus
The split between the sum consumers would ideally pay for a good or service and the sum they actually end up paying.
Producer Surplus
The discrepancy between the price at which sellers are prepared to offer a product and the actual selling price they obtain.
Market Failure
The failure of a market to be efficient; when the individual pursuit of self-interest leads to bad results for society as a whole.
Market Power
The ability of a producer to raise prices.
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