Chapter 7 Reflection

     Efficiency from the eyes of an economist is getting the most out of a resource that is possible and on the other hand if their are gains that are not made from a resource it would be seen as inefficient. Producer and consumer surpluses are important for market equilibrium because if a producer values their goods to be worth more than the current market value they will not sell their product as well if a consumer values a product at less than the producers are selling the good for they will not buy the product once you determine these values you can find the zero point or the equilibrium of the market. I don't believe that market efficiency should always be a goal of policy setters because you will end up with too many of one product that you are not able to sell because it is valued too high by the producer or on the other hand you will end up with not enough of another product because the value is set too low and you will never be able to reach a market equilibrium and therefore you will not be efficient in the eyes of an economist.