Explain the terms

Consumer Sovereignty

Cash Reserve Ratio (CRR)

Corporation tax

Consumer Sovereignty- It is said to exist when within the limitations set by the condition of supply, resources are allocated in line with consumer preference as opposed to say, state direction.

Cash Reserve Ratio (CRR)- It is the ratio of the cash that a bank must hold, in relation to its deposits. CRR is controlled by the Reserve Bank of India.

Corporation Tax- Corporate tax (or corporation tax) refers to a tax levied by various jurisdictions on the profits made by companies or associations. It is a tax on the value of the corporation’s profits.