ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced, and the idea that the consumer is the best judge of their own welfare.

Detailed explanation-2: -Consumer sovereignty is the principle that consumers, through their purchasing decisions, determine the demand for goods and services, and therefore have a powerful influence on what is produced and how it is produced.

Detailed explanation-3: -consumer sovereignty. the power of consumers to decide what gets produced.

Detailed explanation-4: -Consumer Sovereignty & Types of Economy For example, in a free market, consumers have the highest levels of consumer sovereignty. The consumer is free to buy any commodity and in whatever quantities his likes. However, in a command economy, the state or central government decides what to produce.

Detailed explanation-5: -Consumer sovereignty (demand) determines the types and quantities of goods to be produced given the scarce resources of the economy. Consumers spend their income on the goods and services that they most want. In doing so, they SHOW producers what they want.