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Chapter 3: Q 49 (page 79)

What term would an economist use to describe

what happens when a shopper gets a 鈥済ood deal鈥� on a

product?

Short Answer

Expert verified

Consumer Surplus

Step by step solution

01

Step 1

Economic Terms

Economists often use specific language to determine everyday events which are usually known as Economic terms. A person in a store might simply say "I can't afford it" , while an economist will do a "Cost benefit analysis".

02

Step 2

Economists can use a term "Consumer Surplus" when a shopper gets a good deal on a product. This is because, consumer surplus occurs when the price consumer actually pays is lower than the price they are willing to pay.

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