Economics B A-Level
Cost efficiency
What Cost efficiency means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Cost efficiency
Check what you remember
Read the wording for your board, then hide it and explain Cost efficiency in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
The minimisation of average total costs to improve competitiveness.
Topics that use Cost efficiency
- Business objectives (Pearson Edexcel A-Level)
Related terms
- Market share
- Principal-agent problem
- Profit maximisation
- Return on investment (ROI)
- Sales maximisation
- Survival
- Satisficing
Using Cost efficiency in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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