Economics GCSE
Maximisation of utility, profit, and welfare
What Maximisation of utility, profit, and welfare means in Economics GCSE, as defined for AQA.
Definition of Maximisation of utility, profit, and welfare
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Reference: AQA
The aim of weighing up choices to maximise utility for consumers, profit for producers, and social welfare for governments.
Topics that use Maximisation of utility, profit, and welfare
- Making choices (AQA GCSE)
Related terms
- Economic decision making
- Opportunity cost
- Scarcity
- Scarcity and resource allocation
- Costs and benefits analysis
- Rational decision making
- Scarcity and the economic problem
- Trade-offs
Using Maximisation of utility, profit, and welfare in the exam
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