The idea that consumers ultimately dictate what will be produced by choosing what to purchase is known as

Question

BlackTom AI · Accepted Answer

The question asks for the term that describes the idea that consumers ultimately determine what gets produced by their purchasing choices.
First, we consider the core concept: when consumers decide which goods and services to buy, their preferences guide producers in what to offer in the market. This idea emphasizes the power of demand to shape supply in a market economy.
A helpful way to frame it is to contrast with other possible phrases (even though this item provides only one option): if producers were the sole drivers of what is produced, that would imply producer sovereignty rather than consumer influence; if production followed only government plans, it would reflect a centralized or planned economy rather than consumer-driven choices; if the focus were solely on supply without regard to demand, it would ignore the feedback loop from consumers about what they actually want in the marketplace.
In this context, the precise term that captures the notion that consumer purchasing decisions steer production is consumer sovereignty: the idea that consumers’ preferences and spending power determine which goods and services are created and marketed. This reflects the market’s signaling mechanism where demand channels resources toward desired outputs.
Since the provided information lists the answer as 'consumer sovereignty.' and there are no alternative options to evaluate, the reasoning centers on defining and differentiating consumer sovereignty from other economic concepts to justify why it is the correct descriptor of the phenomenon described in the question.

econ_102_120251_245827 Lesson 9 Graded Quiz

The idea that consumers ultimately dictate what will be produced by choosing what to purchase is known as

View Explanation

Log in for full answers

Similar Questions

In a market system, consumers exercise consumer sovereignty, which is crucial in determining the types and quantities of goods produced. BlackTom题目解析

Question at position 27 What did J.K. Galbraith call the control of the market by the consumer”the transformed sequencethe institutional sequencethe revised sequencethe dialectical sequencethe accepted sequence

Question at position 26 For J.K. Galbraith what does the revised sequence mean:the control of the market by the consumerthe control of the consumer by corporationsthe control of both consumers and corporations by the governmentcontrol of the government by consumersnone of the above

The idea that consumers, through their demand for products, control what is produced in an economy, is referred to as

The idea that consumers, through their demand for products, control what is produced in an economy, is referred to as

Consumer sovereignty

The idea that consumers, through their demand for products, control what is produced in an economy, is referred to as

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler