Discuss the following terms & how it relates to economic principles. Each term should be thoroughly defined; questions can be created relating to each term for other readers to answer. Posts should be meaningful and insightful.

*Does not have to typed as a paper; more so a discussion post*

Discuss the following terms & how it relates to economic principles. Each term should be thoroughly defined; questions can be created relating to each term for other readers to answer. Posts should be meaningful and insightful.

Consumer surplus
Producer surplus
Deadweight loss
Externalities
Elasticity