Consumer Sovereignty Means That Consumers Vote with Their Dollars in a Market

question 8

True/False

Consumer sovereignty means that consumers vote with their dollars in a market economy, which helps determine what is produced.

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Definitions:

Maslow's Hierarchy

A psychological theory proposing that humans have five levels of needs, ranging from basic physiological needs to self-actualization, that motivate their behavior.

Weber

Max Weber, a German sociologist, is known for his theories on bureaucratic management and organizational structure, emphasizing rationality, efficiency, and discipline.

Structural Approaches

Methods or frameworks that focus on the organization, arrangement, and interrelationship of parts within a system, often used in the study of social structures or architectural planning.