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What is the connection between incentives and consumer sovereignty in a free market economy?
Wiki User
∙ 9y ago
Consumers are free to spend their income in such a way as to best satisfy their wants, which can be motivated by incentives.
Wiki User
∙ 9y ago
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What the connection between incentives and consumer sovereignty in a free market econoymy?
Consumers can spend the money how they want, and incentives motivate it.
What is the difference between monetary and non-monetary?
The difference between monetary and non-monetary incentives is in how you are paid. Monetary incentives include being paid in money with some type of pay raise, bonus, or other pay. Non-monetary incentives include other type of payment including job security, promotion, or a company car.
What are the differences between producers and consumers?
The difference between a producer and a consumer is that a producer makes his own food and consumer purchases his own food.
What is the difference between consumer and producer in economics?
The producer supplies good and services and the consumer demands them.
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Consumer welfare also known as consumer surplus refers to the difference between what consumers are willing to pay and what they actually pay.
What the connection between incentives and consumer sovereignty in a free market econoymy?
Consumers can spend the money how they want, and incentives motivate it.
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These are two different concepts. The consumer sovereignty refers to the precedence a merchant gives buyers to determine the product market. However, freedom of choice, considers other markets and the consumers individual decision after comparison.
What is the difference between sovereignty and independence?
Sovereignty is the freedom to decide; independence is the capacity to decide.
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