If a family planned to spend $370 for food during march but only spent $348, this difference would be referred to as a: a. surplus. b. deficit. c. budget reduction. d. contribution to net worth.

The correct answer is A. Surplus

Explanation:

In the economy, the word surplus refers to the money obtained by the consumer as a result of spending less money in a product or service. This means, the surplus focuses on the amount of money the consumer is willing to paid or the amount of money the consumer has planned to pay as maximum and the actual money paid that is less than the amount planned, this represents a benefit for the consumer, considering the consumer is still obtaining the product or service planned but paying less for it. This is the case of a family that planned to spend $370 for food during March but spent only $348 of it, considering there is a beneficial difference between the maximum amount of money the family was willing to paid and the real money paid as the family still bought the food planned but pay less. Thus, the case presented in the question is referred to as a surplus.

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