In economics, what is the benefit a consumer receives above the price they pay called?

In economics, the benefit a consumer receives above the price they pay is called consumer surplus.

It is the difference between a buyer’s maximum willingness to pay and the actual market price. If someone would pay $50 for a product but buys it for $35, their consumer surplus is $15. On a standard demand-and-supply graph, it is the area below the demand curve and above the market price.

Consumer surplus helps economists measure part of the gains from trade. A lower price usually increases consumer surplus for existing buyers and may bring additional buyers into the market. It is not the same as consumer spending, which is the total amount paid.

The related concept is producer surplus: the benefit sellers receive when the market price exceeds the minimum price at which they would sell. Together, consumer and producer surplus are often used to estimate total economic surplus.