what is the difference between consumer surplus and producer surplus?
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In other words, consumer surplus is the difference between what a consumer is willing to pay and what they actually pay for a good or service. ... The producer surplus is the difference between the actual price of a good or service–the market price–and the lowest price a producer would be willing to accept for a good.
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The producer price index focuses on the whole output of producers in the United States. ... In contrast, the consumer price index targets goods and services bought for consumption by urban U.S. residents. The CPI includes imports; the PPI does not.
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Producer Price Index (PPI): measures change in the prices of goods bought and sold by UK manufacturers. The PPI index is divided into an input price index and an output price index. ... Consumer Prices Index (CPI): measures change in the prices of goods and services bought by households.
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On a national scale, production is what a nation produces. Consumption is what the populace consumes. ... Other countries, however, do not meet their production goals and have to import what they need as well, and that leaves a trade imbalance, such as here in the U.S. between America and China.
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The following are the major differences between capital reserve and reserve capital: ... Capital Reserve the result of accumulating capital profit, whereas Reserve Capital is created out of authorized capital. On the equity & liabilities side of the Balance Sheet, Capital Reserve appears under the head Reserves & Surplus.
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Capital goods and consumer goods are classified based on how they are used. A capital good is any good used to help increase future production. Consumer goods are any goods used by consumers and have no future productive use.
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Cost of goods sold is the accumulated total of all costs used to create a product or service, which has been sold. ... On the other hand, production cost is specifically the cost incurred in production/manufacturing i.e. turning the raw materials into finished products.
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Mass Production means That a single product is Produced in very very large numbers. Whereas Production By Masses Means The Products which are produced with the help of many People.
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Production is the output we normally get by using the inputs or resources we have. Resources can be natural, man made and human. Whereas, productivity means increasing the amount of production/produce by optimum usage of the resources.
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Most producers are plants. Consumers are animals that eat producers.
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They are all important parts of an ecosystem. Producers are the green plants. ... Consumers are animals and they get their energy from the producers or from organisms that eat producers.
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As nouns the difference between production and supply is that production is the act of producing, making or creating something while supply is (uncountable) the act of supplying.
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a. There is no difference between the two items; they both refer to a movement along a given supply curve. ... An 'increase in supply' means the supply curve has shifted to the right while an 'increase in quantity supplied' means at any given price supply has increased.
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In simplest terms, producers produce something and consumers consume something. ... Plants are a perfect example of producers. Consumers, on the other hand, consume materials generated by the producers and hence they use the food, nutrients and oxygen. Animals, man, etc.
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Distinction between Total Output and Supply. Total output refers to the entire production of the given commodity for a particular time period. ... Total output is the basis for stock of the commodity which in turn forms the basis of supply for that commodity.
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This is different because the CPI includes anything bought by consumers including foreign goods. The second difference is that the GDP Deflator is a measure of the prices of all goods and services while the CPI is a measure of only goods bought by consumers.
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As verbs the difference between contribute and supply is that contribute is to give something, that is or becomes part of a larger whole while supply is to provide (something), to make (something) available for use.