Consumer welfare
What Consumer welfare means in Economics GCSE, as defined for AQA.
Definitions of Consumer welfare
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Reference: AQA
Trade improves the overall standard of living by giving consumers a wider choice of goods and services and lower prices.
The benefit to consumers, which is reduced when non-competitive markets charge higher prices and restrict choice.
Topics that use Consumer welfare
- Non-competitive markets (AQA GCSE)
- Why countries trade and the importance of international trade to the UK (AQA GCSE)
Related terms
- Barriers to entry
- Consumer choice
- Dynamic efficiency
- Economic growth
- Economies of scale
- Exports
- Imports
- Interdependence
Using Consumer welfare in the exam
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