Social welfare
What Social welfare means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Social welfare
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Check what you remember
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Reference: Pearson Edexcel
The wellbeing of society, which suffers a deadweight welfare loss when the cost of producing the last units exceeds the benefit.
The overall wellbeing that intervention aims to improve by correcting the misallocation of resources.
Topics that use Social welfare
- Externalities (Pearson Edexcel A-Level)
- Government intervention and failure (Pearson Edexcel A-Level)
Related terms
- Resource allocation
- External benefits
- External costs
- Government failure
- Government intervention
- Indirect taxation
- Information gaps
- Market failure
Using Social welfare in the exam
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