Economics B A-Level
Societal welfare
What Societal welfare means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Societal welfare
Check what you remember
Read the wording for your board, then hide it and explain Societal welfare in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
Increased when an economic activity's private and social benefits exceed or equal its private and social costs.
Topics that use Societal welfare
- 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 Societal welfare 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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