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What are two levels of production?
two levels of production are: 1-subsistance production2-surplus production
What is customer surplus and producer surplus?
Consumer surplus is the difference between the maximum amount a person is willing to pay for a good and its current market price. Producer surplus is the difference between the current market price and the full cost of production for the firm.
The difference between what the workers produce and what they earn is surplus value?
Surplus value is the difference between the value that workers produce and what they are paid in wages.
Consumer surplus and producers surplus?
Consumer surplus - the difference between what a consumer is willing to pay and what they actually pay. Aggregate consumer surplus measures consumer welfare. Producer surplus - the difference between what a producer is willing to sell their product for and what they actually receive. Aggregate producer surplus measures producer welfare
What is the difference between a surplus and a deficit?
A surplus is more than needed, a deficit is a shortage or loss
