Economics GCSE
Social welfare
What Social welfare means in Economics GCSE, as defined for AQA.
Definitions of Social welfare
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 Social welfare in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Overall economic welfare, which is lost when the optimal quantity of goods and services is not produced or consumed.
Society's overall well-being, which is not maximised when resources are allocated inefficiently.
Topics that use Social welfare
- Misallocation of resources (AQA GCSE)
Related terms
- Economic welfare
- Externalities
- Indirect taxes
- Market failure
- Price mechanism
- Resource allocation
- State provision
- Economic efficiency
Using Social welfare 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