Third-Party Influences

1 Posts
1 Sections
1 Types

Definitions

Consumer Sovereignty Market Equilibrium Consumer Demand Supply Constraints Third-Party Influences Economic Theory Pricing Consumer Behavior

Consumer sovereignty refers to the ability of consumers to obtain exactly what they want by paying a price that is satisfactory to suppliers. It is considered a prerequisite of properly functioning markets. However, sovereignty can be limited by factors such as lack of information, constraints on prices and supplies, and third-party influences on purchasing decisions.