Economics GCSE
Social Cost
What Social Cost means in Economics GCSE, as defined for Pearson Edexcel.
Definition of Social Cost
The total cost to society of an economic activity. It is calculated as Private Cost + External Cost.
Topics that use Social Cost
- Externalities (Pearson Edexcel GCSE)
Related terms
Using Social 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.
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