Economic welfare
What Economic welfare means in Economics GCSE, as defined for AQA.
Definitions of Economic welfare
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Check what you remember
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Reference: AQA
Overall welfare and living standards, which are reduced when the socially optimum level of output is not achieved.
The improvement of economic welfare and living standards is an aim of economic activity, which creates utility.
Topics that use Economic welfare
- Economic activity (AQA GCSE)
- Misallocation of resources (AQA GCSE)
Related terms
- Resource allocation
- Basic economic problem
- Circular flow of income
- Consumers
- Distribution of wealth and income
- Economic agents
- Externalities
- Goods
Using Economic welfare in the exam
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