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In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: Consumer surplus , or consumers' surplus , is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the ...
The divergence between surplus value realised and surplus value produced becomes even more marked if surplus value is viewed in terms of the net incomes of social classes, i.e. net labor income and net property income. [2] Marx identified five different formulae for the rate of surplus value (see surplus value). [3]
In economics, an excess supply, economic surplus [1] market surplus or briefly supply is a situation in which the quantity of a good or service supplied is more than the quantity demanded, [2] and the price is above the equilibrium level determined by supply and demand. That is, the quantity of the product that producers wish to sell exceeds ...
Surplus economics is the study of economics based upon the concept that economies operate on the basis of the production of a surplus over basic needs.
The following table shows the value of total annual merchandise exports and imports, expressed in millions of United States dollars (current prices), and the resulting trade balance, according to United Nations Conference on Trade and Development (UNCTAD), [2] World Trade Organization (WTO), [3] and World Bank (WB). [4] [5] [6]
Operating surplus is a component of value added and GDP. The term "mixed income" is used when operating surplus cannot be distinguished from wage income, for example, in the case of sole proprietorships. Most of operating surplus will normally consist of gross profit income. In principle, it includes the (separately itemised) increase in the ...
In neo-Marxist thought, Paul A. Baran for example substitutes the concept of "economic surplus" for Marx's surplus value. In a joint work, Paul Baran and Paul Sweezy define the economic surplus as "the difference between what a society produces and the costs of producing it" (Monopoly Capitalism, New York 1966, p. 9). Much depends here on how ...
The nation's long-standing surplus in its trade in services was maintained, however, and reached a record US$231 billion in 2013. [368] The U.S. trade deficit increased from $502 billion in 2016 to $552 billion in 2017, an increase of $50 billion or 10%. [369] During 2017, total imports were $2.90 trillion, while exports were $2.35 trillion.