Economics B A-Level
Social versus private costs and benefits
What Social versus private costs and benefits means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Social versus private costs and benefits
Check what you remember
Read the wording for your board, then hide it and explain Social versus private costs and benefits in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
Social cost equals private cost plus external cost, and social benefit equals private benefit plus external benefit.
Topics that use Social versus private costs and benefits
- Market failure in society (Pearson Edexcel A-Level)
Related terms
- Demerit goods
- Information failure
- Information gaps
- Market failure
- Positive externalities
- Rational decision making
- Resource allocation
- Resource misallocation
Using Social versus private 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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