AP Econ Chapter 7 Consumer, Producer, and Effiiciency of Markets
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| the study of how the allocation of resources affects economic well being | ||
| the maximum amount that a buyer will pay for a good | ||
| a buyer's willingness to pay minus the amount the buyer actually pays | ||
| the value of everything a seller must give up to produce a good | ||
| the amount a seller is paid for a good minus the seller's cost | ||
| the property of a resource allocation of maximizing the total surplus received by all members of society | ||
| the fairness of distribution of well-being among members of society |