Question

What term would an economist use to describe

what happens when a shopper gets a “good deal” on a

product?

Short answer

Consumer Surplus

Step-by-step solution

Step 1

Economic Terms

Economists often use specific language to determine everyday events which are usually known as Economic terms. A person in a store might simply say "I can't afford it" , while an economist will do a "Cost benefit analysis".

Step 2

Economists can use a term "Consumer Surplus" when a shopper gets a good deal on a product. This is because, consumer surplus occurs when the price consumer actually pays is lower than the price they are willing to pay.