Welfare economics/Related Articles

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A list of Citizendium articles, and planned articles, about Welfare economics.
See also changes related to Welfare economics, or pages that link to Welfare economics or to this page or whose text contains "Welfare economics".

Index

See the economics index for an index to topics referred to in the economics articles.

Definitions

  • Consumer's surplus [r]: The excess of the amount that a consumer would be willing to pay for a product over its market price, changes in the value of which are usually estimated according to the rule of one-half. [e]
  • Externality [r]: A cost of production that is not borne by the producer, or a benefit that the producer does not receive. [e]
  • Marginal cost [r]: The cost of producing one additional unit of a product. [e]
  • Marginal product [r]: The additional output of a product produced by the application of one additional unit of input. [e]
  • Perfect competition [r]: The property of a hypothetical market in which no producer or consumer has the power to influence prices, each producer and each consumer acts independently, all products have identical qualities that are known to everybody, and there are no barriers to entry (see competition). [e]
  • Public goods [r]: Products and services that can only be collectively financed because it is not feasible to require individual users to pay for using them. [e]
  • Spillover [r]: A benefit of production that is not enjoyed by the producer. [e]