[This is part of the series: The Complete Guide To Economics 101.]
What is an economic surplus?
An Economic Surplus is an imbalance of supply and demand where quantity supplied is greater than quantity demanded.
It is important to remember, surpluses are always caused by price floors.
An example of a surplus the minimum wage. There is a surplus of people willing to work at a set wage. This is called unemployment.
Graphically, a price floor looks like this: