look up any word, like the eiffel tower:
 
1.
an economic term for the benefit you get (or retain) when you obtain something for less than you think it is really worth.
I got a new Gizmondo for 100 pounds and I would have paid up to 200 so I had a lot of consumer surplus.
That company has a monopoly so they jack up the prices to erode my consumer surplus.
by adam_before_eve September 10, 2005