Economics GCSE
Efficiency and cost management
What Efficiency and cost management means in Economics GCSE, as defined for AQA.
Definition of Efficiency and cost management
Check what you remember
Read the wording for your board, then hide it and explain Efficiency and cost management in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Producers must constantly monitor their costs and operate efficiently to maintain profitability, as high competition restricts their ability to raise prices without losing sales.
Topics that use Efficiency and cost management
- Competitive markets (AQA GCSE)
Related terms
- Barriers to entry
- Competitive market
- Competitive markets
- Consumer choice
- Non-price competition
- Price takers
- Normal profit
- Price competition
Using Efficiency and cost management in the exam
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