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Date "surplus" was first used in popular English literature: sometime before 1258. (references) |
| Domain | Definition |
Agriculture | The amount by which available supplies are greater than the quantity that will bring producers an adequate income. A surplus may be due to production outrunning demand, a decline in consumption, or a general decline in consumer income or buying power. Historically, commodity programs have been designed to deal with "problems" of surplus, and the Secretary of Agriculture has had discretion to determine whether an item is in surplus and should be removed from market channels to shore up prices. Approaches have included cropland diversion to reduce production, long-term storage of excess supplies, and purchase and donation of surplus items for foreign or domestic food program use. (references) |
Economics | And underages of goods ordered shall be in accordance with our current practice. . . . . --surplus, excess; . . . the amount of a product above that recorded as having been shipped or placed in storage. Source: European Union. (references) |
Electrical Engineering | The excess firm energy available from a utility or region for which there is no market at the established rates. Source: European Union. (references) |
Energy | (Electric utility) Excess firmenergy available from a utility or region for which there is no market at theestablished rates. (references) |
Finance | (1) that which is over and above, or in addition to the required amount. (2) a mutual savings institution's retained earnings after payments to savers and additions to reserves. In a stock institution, these funds are called undivided profits. (references) |
Public Administration | The excess of the actual inflow over the demand. Source: European Union. (references) |
Source: compiled by the editor from various references; see credits. | |
(From Wikipedia, the free Encyclopedia)
On a standard supply and demand diagram these are the areas in the triangles below:
The consumer surplus shows up above the price and below the demand curve, since the consumer is paying less for the item than the maximum that they would pay. The producer surplus shows up below the price and above the supply curve, since that is the minimum that a producer can produce that quantity with.
Combined, they make the total surplus.
A basic technique of bargaining for both parties is to pretend that one's surplus is less than it really is: the seller may argue that the price he or she asks hardly leaves him or her any profit, while the customer may play down how eager he or she is to have the article.
see also: microeconomics, price discrimination, price skimming negotiation
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Source: adapted by the editor from Wikipedia, the free encyclopedia under a copyleft GNU Free Documentation License (GFDL) from the article "Consumer and producer surplus."
Synonyms: SurplusSynonyms: extra (adj), redundant (adj), spare (adj), supererogatory (adj), superfluous (adj), supernumerary (adj), excess (n), surplusage (n). (additional references) |
| Context | Synonyms within Context (source: adapted from Roget's Thesaurus). |
Mart | Surplus store, army-navy surplus store. |
Redundancy | Excess; surplus, overplus; epact; margin; remainder; duplicate; surplusage, expletive; work of supererogation; bonus, bonanza. |
Remainder | Surplus, overplus, excess; balance, complement; superplus, surplusage; superfluity;(redundancy); survival, survivance. |
Superiority | Supremacy, preeminence; lead; maximum; record; gr/trikumia/, climax; culmination; (summit); transcendence; ne plus ultra; lion's share, Benjamin's mess; excess, surplus; (remainder); (redundancy). |
| Source: adapted from Roget's Thesaurus. | |