Social costs
What Social costs means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Social costs
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Check what you remember
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Reference: Pearson Edexcel
The total cost to society, calculated as the sum of private costs and external costs.
The total cost to society, calculated as private plus external costs.
Topics that use Social costs
- Externalities (Pearson Edexcel A-Level)
- Market failure and externalities (Pearson Edexcel A-Level)
Related terms
- External benefits
- External costs
- Market failure
- Externalities
- Government intervention
- Private benefits
- Resource allocation
- Resource misallocation
Using Social costs in the exam
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