Economics GCSE
Cost minimisation
What Cost minimisation means in Economics GCSE, as defined for AQA.
Definition of Cost minimisation
Check what you remember
Read the wording for your board, then hide it and explain Cost minimisation in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
A drive that often conflicts with ethical and moral interests, for example when a clothing manufacturer reduces costs by sourcing materials from factories with poor working conditions.
Topics that use Cost minimisation
Related terms
- Average cost
- Average revenue
- Ethical and moral interests
- Financial performance
- Fixed costs
- Incentives and risk
- Market share
- Profit
Using Cost minimisation in the exam
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