Final answer:
An economist would describe a shopper getting a 'good deal' as experiencing 'consumer surplus,' which is the gap between the price they are willing to pay and the price they actually pay. The term encompasses the shopper's perceived satisfaction based on available information and market efficiency.
Step-by-step explanation:
When an economist refers to a shopper getting a 'good deal' on a product, they might use the term consumer surplus. This concept describes the difference between what a consumer is willing to pay for a good or service and what they actually pay. Consumer surplus occurs when the shopper pays less than the maximum price they are willing to pay, hence perceiving they have received a good deal.
Every purchase decision is based on the buyer’s perceived satisfaction from the product and the available information to make this judgment. In markets where information is imperfect or unclear, consumer surplus can be a common outcome as shoppers navigate through deals and discounts seeking maximum value. Good deals can lead to repeat purchases, whereas a lack of consumer surplus might result in buyer's remorse or hesitation to make further purchases.
Good information symmetry between buyers and sellers can reduce the likelihood of misplaced beliefs about a product’s satisfaction, allowing for more consistent consumer surplus and a more efficient market overall.