![Economics 101: Consumer Surplus](https://i0.wp.com/sterlingterrell.net/wp-content/uploads/2016/10/1-29.jpg?fit=637%2C424&ssl=1)
[This is part of the series: The Complete Guide To Economics 101.]
In the field of economics, what is consumer surplus?
Consumer Surplus is the difference between what a customer paid, and what a customer was willing to pay for a particular good or service.
For instance:
- I was willing to pay $6.00 for a coffee on vacation. When I finally bought a coffee, it was only $4.00. Consumer surplus = $2.00.
- I was also willing to pay $150,00 for my house. I only paid $145,000. Consumer surplus = $5,000.