Economics A-Level
Perfect information
What Perfect information means in Economics A-Level, as defined for AQA.
Definition of Perfect information
Check what you remember
Read the wording for your board, then hide it and explain Perfect information in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The assumption that all participants know the prices and quality of goods, having full knowledge of market conditions.
Topics that use Perfect information
- The determination of equilibrium market prices (AQA A-Level)
Related terms
- Ceteris paribus
- Disequilibrium
- Economic shocks
- Equilibrium
- Excess demand
- Excess supply
- Incentive function
- Market clearing
Using Perfect information 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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