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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step

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CONSUMER SURPLUS: The satisfaction that consumers obtain from a good over and above the price paid. This is the difference between the maximum demand price that you would be willing to pay and the price that you actually pay. For most consumers, under most circumstances, the demand price is greater than the price paid. Even competitive markets overflowing with efficiency generate an ample amount of consumer surplus.

     See also | satisfaction | demand | demand curve | demand price | price | competitive market | efficiency | producer surplus | diamond-water paradox |


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CONSUMER SURPLUS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: May 29, 2023].


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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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