Consumer Surplus
Consumer Surplus is the difference between the price the consumer is willing to pay and consumer actually pay for a product. Basically a consumer surplus come into force when the consumer is willing to pay more price for a given product than the current market price of that product.
Graphically, it is the area below the demand curve and above the price line.
Producer Surplus
Producer Surplus is the difference between the price in which the producer is willing to sell and the price in which they actually sell. The basic phenomenon of a producer is that he/she always tries to increase the sell with respect to higher prices so as to increase the producer surplus. Whereas, it is not possible to increase producer surplus because of when the price rises, the demand of a product decreases.
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