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

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

Option a. relative scarcity: This concept deals with the limited availability of resources relative to wants, not with consumers directing production decisions through demand. It describes a fundamental economic constraint, not a mechanism of producer response to consumer choices.

Option b. consumer sovereignty: This term directly captures the notion that consumer preferences and purchasing choices determine what gets produced. When consumers bid with their dollars, they guide firms toward goods and services that are in demand, giving consumers “sovereign” influence over production patterns. This aligns with the question’s description of consumer-driven production decisions.

Option c. opportunity cost: This is the cost of forgoing the next best alternative when making a choice. While it’s a core concept in decision-making, it does not describe the directive role of consumer demand over production in an economy.

Option d. the law of demand: This law states that, all else equal, as the price of a good falls, quantity demanded tends to rise, and vice versa. It explains how price and quantity demanded move, not the broader idea that consumer demand shapes what is produced overall. It’s related, but not the overarching concept described.

In summary, the statement that best matches the idea of consumers controlling production through their demand is consumer sovereignty, as it encapsulates the governance role of consumer choices in determining what gets produced.

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

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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 ultimately dictate what will be produced by choosing what to purchase is known as

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

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