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Consumer sovereignty

A term used by economists to mean that, in the final analysis, it is consumers who determine what is produced. It is derived from the fact that suppliers are motivated by the desire for profit. They will supply goods and services to the market as a result of the profit motive. Profit comes from supplying the goods that people demand. It is, therefore, a basic principle of market economics that supply responds to demand. Firms will provide what customers want and, in this sense, the customer is said to be ÒkingÓ.

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