Consumer and producer surplus refer to the economic benefits that consumers and producers receive from engaging in a market activity. Synonyms for consumer surplus can be described as the difference between the maximum amount a consumer is willing to pay for an item and the actual price they end up paying for it. Other terms include buyer surplus, consumer rent, and consumer benefit. Similarly, producer surplus can be defined as the difference between the price a producer receives for a good and the minimum price they were willing to sell it for. Some synonyms for producer surplus include seller surplus, producer rent, and producer benefit. Both consumer and producer surplus are important indicators of market efficiency and can influence future decisions regarding pricing and production.