Ch 5

Front

Big tradeoff

Back

Choosing between fairness and efficiency

Front

Consumer surplus

Back

money saved when you pay less

Front

Deadweight loss

Back

A loss when the market isn't working well

Front

Market failure

Back

when the market doesn't work for everyone

Front

Producer surplus

Back

Extra money sellers make

Front

Symmetry principle

Back

fairness means treating everyone the same

Front

Total surplus

Back

The total value from both buyers and sellers

Front

Transaction costs

Back

Extra money to make a deal

Front

Utilitarianism

Back

The idea to make everyone as happy as possible

Front

Cross elasticity of demand

Back

how demand changes when another products price changes