Economic welfare
What Economic welfare means in Economics A-Level, as defined for AQA.
Definitions of Economic welfare
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Reference: AQA
Societal well-being, which must be assessed alongside broader welfare measures because real national income ignores income inequality, the hidden economy, negative externalities and non-market activities.
The note treats this as the measure that intervention may fail to improve, since government failure can result in a net loss of it.
Topics that use Economic welfare
- Government failure (AQA A-Level)
- The circular flow of income (AQA A-Level)
Related terms
- Administrative costs
- Circular flow of income
- Conflicting objectives
- Cost-benefit analysis
- Economic growth
- Full employment income
- Government failure
- Inadequate information
Using Economic welfare in the exam
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