Economics GCSE
Price takers
What Price takers means in Economics GCSE, as defined for AQA.
Definitions of Price takers
Exam boards and our study guides word this term in slightly different ways. Learn the version your board uses.
Check what you remember
Read the wording for your board, then hide it and explain Price takers in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Firms that cannot dictate the market price and must accept the prevailing market price, otherwise consumers will buy from rivals.
Firms in a competitive market must accept the price determined by the overall market forces of supply and demand.
Firms in competitive markets that must accept the prevailing market price.
Topics that use Price takers
- Competitive markets (AQA GCSE)
Related terms
- Barriers to entry
- Competitive market
- Competitive markets
- Consumer choice
- Efficiency and cost management
- Non-price competition
- Normal profit
- Price competition
Using Price takers in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
Practise Economics questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
Start free
All Economics GCSE termsA week of Premium from your first lesson · Then the free plan continues · No card, no charge