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

Question

BlackTom AI · Accepted Answer

The question asks about the concept that describes how consumers, by choosing what to buy, effectively control what gets produced in an economy.
Option a: a. consumer sovereignty. This term precisely captures the idea that consumer preferences determine production decisions in a market, since producers respond to what consumers demand. It reflects the power of consumers to influence what goods and services are available through their purchasing choices.
Option b: opportunity cost. While opportunity cost is a fundamental economic concept, it refers to the value of the next best alternative foregone when a choice is made, not to the overall control of production by consumer demand. It does not describe who shapes what is produced.
Option c: the law of demand. The law of demand states that, all else equal, as the price of a good falls, quantity demanded rises, and as price rises, quantity demanded falls. It explains how price affects demand, but it does not by itself describe the broader control of production by consumers’ preferences.
Option d: relative scarcity. Relative scarcity concerns the limited nature of resources relative to wants, leading to trade-offs and choice. While it underpins the need to allocate resources, it does not directly express the idea that consumers determine production through their demand.
In summary, the prompt is best answered by recognizing consumer sovereignty as the label for the phenomenon where consumer choices drive what gets produced, while the other options describe related but distinct economic ideas that do not encapsulate this control mechanism.

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

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

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