Economic decision making
What Economic decision making means in Economics GCSE, as defined for AQA.
Definitions of Economic decision making
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Reference: AQA
Driven by the basic economic problem forcing society to decide what to produce, how to produce it, and for whom to produce.
Choosing between options by weighing up the costs and benefits of different choices.
Topics that use Economic decision making
- Making choices (AQA GCSE)
Related terms
- Maximisation of utility, profit, and welfare
- Opportunity cost
- Scarcity
- Scarcity and resource allocation
- Costs and benefits analysis
- Rational decision making
- Scarcity and the economic problem
- Trade-offs
Using Economic decision making in the exam
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