Economics GCSE
Private Cost
What Private Cost means in Economics GCSE, as defined for Pearson Edexcel.
Definition of Private Cost
The cost borne directly by the producer or consumer involved in a transaction (e.g., a firm's raw materials or a consumer's purchase price).
Topics that use Private Cost
- Externalities (Pearson Edexcel GCSE)
Related terms
Using Private Cost in the exam
Definition questions usually carry one or two marks, and examiners look for the precise wording. Write the definition from memory, check it against the version above, and then use the term in a longer answer on the same topic so it sticks.
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 terms7 days Premium · Then free forever · No card, no charge