Economics A-Level
Rationing function
What Rationing function means in Economics A-Level, as defined for AQA.
Definition of Rationing function
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Reference: AQA
When resources are scarce, price increases restrict demand to those who have the willingness and ability to pay.
Topics that use Rationing function
- How markets and prices allocate resources (AQA A-Level)
Related terms
- Asymmetric information
- Economic efficiency
- Economic incentives
- Equity versus efficiency
- Equity vs efficiency
- Ethics in economics
- Incentive function
- Incentives
Using Rationing function in the exam
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