Economics B A-Level
Social costs and benefits
What Social costs and benefits means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Social costs and benefits
Check what you remember
Read the wording for your board, then hide it and explain Social costs and benefits in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
The sum of private and external impacts from the production and consumption of goods and services.
Topics that use Social costs and benefits
- 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 Social costs and benefits 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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