Consumer Surplus and Producer Surplus

The additional benefits enjoyed by consumers pay less than they are willing to pay and by producers who sell for a price higher than they are willing to sell for are known as consumer and producer surplus. Together they make up the "total welfare" of a market. This lesson introduces and explains these concepts, important for understanding what makes the market system effective at meeting society's wants and needs.
Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! econclassroom.com/?page_id=5870

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You're an amazing teacher. God bless you!

[@AlexetRex]

Awesome video, I was having problems understanding this, but after having listened to your video. It was crystal Clear!!!!

[@asogwaekene6129]

Your explanations are concise and straight to the point. Thank you so much for this

[@shuzhen]

Very good explanation and summary. Way better than what was taught in classes :)

[@miissmooshie1015]

Thank you, this was very well explained and helped me in my studies!

[@joycelinitza4286]

Thank you! This video was really helpful!

[@desreeisibor5855]

I just grasped this concept !!! Thanks so much for this😊😊

[@thisisyoutubetv3235]

Love the groovy intro 💃

[@theophilusmfum9246]

You are amazing teacher, I have simply understand this topic with ease

[@karan_karan_karan]

I LOVE YOU! THANK YOUUU THIS CLEARED THIS UP FOR ME. I LITERALLY SPEND THE WHOLE DAY RE READING THIS CHAPTER IN MY TEXTBOOK THAT COVERS THIS AND COULD NOT UDNERSTAND IT.. IDK WHY??? BUT AFTER WATCHING THIS AT 2 AM I GET IT!! thank you jason!!!

[@andresb9006]

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[@bhoopendragupta4782]

Very clear and to the point explanation. Thanks 👍

[@thegrindsetclub6679]

thank you for making this concept easier, please make more videos.

[@Aj.-]

Great job. Thank you as am preparing for my exam in the next 4hrs

[@syedanabeehanizami2507]

awesome explanation sir!

[@thl991]

Are producer surplus and consumer surplus equal at equilibrium point?thanks😊

[@goldboateng8073]

thanks so much for this video

[@thescreenwithyou2000]

Mind-blowing sir

[@MuhammadTahir-ph3gs]

if government fixed the price of any goods then there is producer surplus or consumer surplus. give reson plz

[@realdvgarg]

You're question is framed incorrectly. Consumer and producer surplus will always exist, but can change depending on the type of government intervention. In the case of price floors and price ceilings, as you mention government fixed prices, the effect is dependent on various factors.

[@zachthomas1084]

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