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

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BlackTom AI · Accepted Answer

The question asks for the term that describes the idea that consumers, via their demand for products, control what is produced in an economy.
Option a: the law of demand. This describes how, all else equal, when the price of a good falls, the quantity demanded tends to rise, and when price rises, quantity demanded tends to fall. It explains price-quantity interactions, not the overarching control consumers have over production decisions. So this is not the concept in question.
Option b: opportunity cost. This is the value of the next-best alternative forgone when a choice is made. It helps explain decision-making but does not capture the idea of consumer-driven control over production in the economy. Thus it’s not the right term here.
Option c: consumer sovereignty. This term refers to the notion that consumers effectively influence what goods and services are produced through their purchasing choices and demand signals. It directly matches the described idea about consumer influence in resource allocation and production decisions. This is the correct concept.
Option d: relative scarcity. This concept concerns limited resources versus unlimited wants and is foundational to economic choices, but it does not describe who controls production through demand. It explains why choices must be made, not who controls what gets produced.
In summary, the statement that emphasizes consumers directing production through their demand aligns with the idea of consumer sovereignty, while the other options describe different economic concepts that do not capture this specific control dynamic.

MUF0061 Economics Unit 1 - Semester 2, 2025 Resource Allocation in a Market Economy- Video and Quiz (10 - 12 minutes)

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

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