Economics A-Level
Social welfare
What Social welfare means in Economics A-Level, as defined for AQA.
Definition of Social welfare
Check what you remember
Read the wording for your board, then hide it and explain Social welfare in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
A net loss of this occurs when the free market mechanism fails to allocate resources efficiently.
Topics that use Social welfare
- The meaning of market failure (AQA A-Level)
Related terms
- Allocative efficiency
- Externalities
- Externalities and public goods
- Income distribution
- Inequality
- Market failure
- Market power
- Partial market failure
Using Social 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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