Define Consumer Sovereignty

question 14

Essay

Define consumer sovereignty. How does consumer sovereignty help determine what businesses produce? How do businesses influence consumer sovereignty?

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Definitions:

Consignment

An arrangement where goods are left in the possession of another party to sell, but the ownership remains with the supplier until sold.

Initial Deposit

The first amount of money placed into an account or investment.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Monthly Instalments

Regular, typically monthly, payments made over a set period to repay a loan or purchase price.