Consumer Surplus is the benefit that a buyer gain from purchasing a particular product from the market. In other words, when a buyer buys a product below his or her maximum willingness to pay then he or she makes a profit known as the consumer surplus. Mathematically,

Consumer Surplus = Maximum willingness to pay - Market price

Producer Surplus is the benefit that a seller gains when he/she is able to sell a product at a higher price than his or her minimum willingness to accept. Mathematically,

Producer surplus = Market price - Minimum willingness to accept