0
Surplus product (German: Mehrprodukt) is an economic concept explicitly theorised by Karl Marx in his critique of political economy. Marx first began to work out his idea of surplus product in his 1844 notes on James Mill's Elements of political economy.[1]
Notions of "surplus produce" have been used in economic thought and commerce for a long time (notably by the Physiocrats), but inDas Kapital, Theories of Surplus Value and the Grundrisse Marx gave the concept a central place in his interpretation of economic history. Nowadays the concept is mainly used in Marxian economics.[2]political anthropology, cultural anthropology, economic anthropology[3]
The translation of the German "Mehr" as "surplus" is in a sense unfortunate, because it might be taken to suggest "unused", "not needed" or "redundant", while literally it means "more" or "added" - thus, "Mehrprodukt" refers really to the additional or "excess" product produced. In German, the term "Mehrwert" simply and literally means value-added, a measure of net output, (though, in Marx's specialist usage, it means the surplus-value obtained from the use of capital, i.e. it refers to the net addition to the value of capital owned).
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
If a product is in surplus supply its price?
h
If the product is in surplus supply. it's price is?
less
There will be a surplus of a product when?
price below the equilibrium level
How are consumer surplus and producer surplus measured?
Consumer surplus and producer surplus are measured using the price applied. Consumer surplus is when a consumer pays a less amount than expected while producer surplus is when a product fetches more money that expected.
What can offset consumer surplus generated by lower prices?
Consumer surplus generated by lower prices can be offset by demand of product. The above answer overlooks the obvious answer, which is that the increase in the price of a product(s ) will decrease consumer surplus. This assumes of course that there is no shift in demand.
What is Marketed Surplus Ratio of commodities?
The quantity of product(farm product) that is keep by the farmer and they do not sell this in the market is called market surplus ratio.
What does surplus mean within a business?
Surplus mean excess in business. A business can have a surplus of product in its inventory, which isn't good for revenues.
If a product is in surplus supply its price?
h
If the product is in surplus supply. it's price is?
less
There will be a surplus of a product when?
price below the equilibrium level
When will there be a surplus of a product?
price below the equilibrium level
Where can one find the Product Index for the Surplus Centre?
Surplus Center is a warehouse distributor for a large number of top name manufacturers of equipment. Their product index can be found on their website, and may have differing stock from time to time, given their sales model of selling surplus and overstock product.
How are consumer surplus and producer surplus measured?
Consumer surplus and producer surplus are measured using the price applied. Consumer surplus is when a consumer pays a less amount than expected while producer surplus is when a product fetches more money that expected.
What can offset consumer surplus generated by lower prices?
Consumer surplus generated by lower prices can be offset by demand of product. The above answer overlooks the obvious answer, which is that the increase in the price of a product(s ) will decrease consumer surplus. This assumes of course that there is no shift in demand.
What does producer surplus equal?
The total producer surplus is what is left after you subtract the total variable cost from the total revenue. It is the amount of all the producer surplus for each product sold.
What is the different between shortage and surplus?
A shortage is when there is a LACK (not enough) of that particular resource/product/item. A surplus is when there is EXCESS, or too much of a resource/product/item.
What is a farm product sold for money?
Surplus will be sold ex. Eggs
