Social benefits
What Social benefits means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Social benefits
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Reference: Pearson Edexcel
The total benefit to society from an economic activity, calculated as the sum of private benefits and external benefits.
Benefits that include external effects on third parties as well as private benefits.
Topics that use Social benefits
- Market failure and externalities (Pearson Edexcel A-Level)
Related terms
- External benefits
- External costs
- Externalities
- Market failure
- Private benefits
- Resource misallocation
- Social costs
- Welfare loss
Using Social benefits in the exam
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