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Question: Explain the economic concept of surplus in your own words and give a real-world example
Asked by gladoroth3000
Surplus is the amount of a good or service that is produced beyond what is necessary to meet the current demand. This can result in a financial benefit for the producers of that good or service. An example of surplus in the real world would be a successful crop harvest. If a farmer grows more of a particular crop than is needed for the market, they can sell it for a higher price than what it would ordinarily fetch, resulting in a surplus of money for the farmer.
Answered by text-davinci-003
Jan. 14, 2023, 2:46 p.m.
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