Economics B A-Level
Private costs
What Private costs means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Private costs
Check what you remember
Read the wording for your board, then hide it and explain Private costs in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
The costs internal to a transaction borne by the producer or consumer.
Topics that use Private costs
- Market failure and externalities (Pearson Edexcel A-Level)
Related terms
- External benefits
- External costs
- Externalities
- Market failure
- Private benefits
- Resource misallocation
- Social benefits
- Social costs
Using Private costs 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.
Practise Economics B questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
Start free
All Economics B A-Level termsA week of Premium from your first lesson · Then the free plan continues · No card, no charge