How can consumer surplus be defined in economic terms?

Consumer surplus is defined in economic terms as the benefit received by consumers when they pay less than what they are willing to pay. It reflects the difference between the maximum price that consumers are willing to pay for a good or service and the actual price they pay. This concept illustrates how much value or utility consumers gain from purchasing a product for less than their maximum willingness to pay.

For example, if a consumer is willing to pay $100 for a concert ticket but only pays $70, that consumer surplus is $30. This surplus represents the extra satisfaction or benefit that the consumer derives from the transaction because they did not have to pay the higher amount they were ready to spend.

The other options do not accurately capture the essence of consumer surplus. The total amount of money consumers are willing to spend refers to their willingness to pay, not the surplus they receive from paying less. Total debt incurred by consumers is unrelated to the concept of consumer surplus and instead relates to liabilities. Lastly, the difference between consumer demands and supplier offerings does not directly relate to consumer surplus; rather, it touches on market dynamics and equilibrium. Therefore, option B accurately encapsulates the definition of consumer surplus in economic terms.