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Khan Academy: Lesson Overview: Consumer and Producer Surplus

Curated by ACT

This lesson introduced the basics of a branch of economics known as welfare economics, which is interested in how the allocation of resources affects well-being. The most important concepts used in welfare analysis are total surplus and allocative efficiency.

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Concepts
factors of production, supply and demand
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Additional Tags
allocative efficiency, consumer and producer surplus, consumer surplus, khan academy, khan academy: lesson overview: consumer and producer surplus, producer surplus, demand and supply graph, welfare economics
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Classroom Considerations
  • Knovation Readability Score: 3 (1 low difficulty, 5 high difficulty)