Consumer sovereignty is the power that consumers have to determine what products they will buy and good value. Consumer Sovereignty automatically becomes a kind of control for the company to produce high-quality goods and services and think of an effective strategy to attract consumers.
EXPLANATION
Capitalism is an economic system in which free citizens own and use the factors of production to create a product and then make a profit. Thus, products that can be bought and sold on the market without regulations or government intervention are called free markets.
If an economy combines capitalism and the free market, then it can be said that the economy is based on very free trade. Free companies have personal resources. This trading system minimizes government interference. Because the basic concepts are very similar, people often equate the terms free market and capitalism to describe the economic system of the United States.
The capitalistic free-market economy consists of five important characteristics: like-to-like exchange, profit motives, economic freedom, private property, and competition. These things are very important for our economic success and directly impact the lives of citizens.
LEARN MORE
If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:
• Infer why the free enterprise system was so important to entrepreneurs and why entrepreneurs were crucial to the free enterprise system: https://brainly.com/question/11211989
KEYWORD: Free Enterprise, Private Property, Consumer Sovereignty
Subject: History
Class: 7 - 9
Subchapter: Free Market
