Question

What term would an economist use to describe what happens when a shopper gets a " good deal " on a product?

Short answer

Economists use the term consumer surplus when a shopper gets a " good deal " on a product.

Step-by-step solution

Step 1. Meaning of Consumer Surplus.

Consumer surplus is the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid.

Step 2. Explaining the reason.

Economists use the term consumer surplus when a shopper gets a " good deal " on a product. Since it happens when the price actually paid by the consumer is less than the price they are willing to pay.

For example, when the price of a good is $\$30$and the customer after discount pays

$\$20$. Then, there is a consumer surplus which is a great deal for the consumer.