Market Equilibrium, Consumer & Producer Surplus | Economics Explained

In this video we give a brief description and definition of market equilibrium, consumer & producer surplus, perfect to get up to sped for you ECON101 course.

We cover what is a market, how conventional economic theory proposes market equilibrium is reach, and how to measure consumer and producer surplus.

00:00 Introduction
00:14 Market equilibrium definition
00:54 How is market equilibrium reached?
02:32 Consumer & producer surplus
02:53 How we calculate consumer & producer surplus
03:08 Conclusion & next steps

Obviously this topic get a lot more complicated and there is a vast literature that challenges this conventional theory, but to get you up to sped with the basics this video is perfect.

Our comprehensive written definition on market equilibrium can be found on our website: https://inomics.com/terms/market-equi.... Edited translations are available in Spanish, Italian, French and German.

For consumer and producer surplus see: https://inomics.com/terms/consumer-su.... Edited translations are available in Spanish, Italian, French and German.

For more INOMICS’ education content check out our economics terms section (https://inomics.com/terms) or our video playlist of economics terms explainers (   • Income Elasticity of Demand | Economi...  .

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