Explain The Concept Of Consumer Surplus?

Consumer surplus refers to the positive difference between what the consumer is willing to pay for a good and what he is actually required to pay. Graphically speaking, it is the area between the downward sloping marginal utility curve and the horizontal price line.

Consumer surplus is an increasing income to ensure the consumer when they have any business. The difference or you can say the profit between the consumer price and actual price. If some willingly pay more than the actual price, the benefit there is the transaction in which they have to tell that how much they saved without paying any price. Suppose you have a product, a person wants to buy by paying incredible amount; however there are similar products in the market in fewer prices. The different between these two prices is called consumer surplus.
Consumer's surplus is not linked with that type of surplus which takes place in the market when price is above in the market clearing price. So simply we can say the profit earn by a person which is greater than the actual price of the product is called consumer surplus. Surplus means the profit and consumer is the person who is taking that profit.
It is a term which is used in economics or in economic activity and human labor was the source of economic value. It is also related to the demand and supply function. When demand increase there should be increase in supply and it leads towards the surplus of the consumer and with this surplus the economic value also increase.