The total benefit to society for having a market to buy and sell goods is called:

Question

Quizplus · Accepted Answer

Total surplus is the term used to describe the total benefit to society from the buying and selling of goods in a market. It combines consumer surplus (the benefit consumers receive from purchasing a good at a price lower than they are willing to pay) and producer surplus (the benefit producers receive from selling a good at a price higher than their cost to produce it).

The Total Benefit to Society for Having a Market to Buy