A morpheme may consist of a word, such as hand, or a meaningful piece of a word, such as the âed of looked, that cannot be divided into smaller meaningful parts. Another way in which morphemes have been defined is as a pairing between sound and meaning. We have purposely chosen not to use this definition.
Definition of 'Producer Surplus'. Definition: Producer surplus is defined as the difference between the amount the producer is willing to supply goods for and the actual amount received by him when he makes the trade. Producer surplus is a measure of producer welfare.
GDP (Gross Domestic Product) is the total monetary value of goods and services produced over a given period in a given. territory. GDP is used in macroeconomics for determining the economic performance of individual states. The word product. expresses increase of wealth. The period is usually a year. Change in GDP for a certain period reflects the speed of economic. growth of the country. In international comparisons adjusted GDP per capita is also used, which can be used as a rough measure.