Q.Explain any four needs of consumer protection.
You're viewing a preview — the full solution, concept, methods & PYQ mapping are locked.
Start your 14-day free trial to unlock the full solution →Consumer protection safeguards buyers against unfair trade practices and exploitation. It is needed mainly because of consumer ignorance, the unorganised nature of consumers, widespread exploitation by sellers, and the need to build consumer awareness.
Consumers occupy a central place in business, yet they are frequently placed in a weak bargaining position. Consumer protection refers to the steps taken to protect the rights and interests of consumers against exploitation by producers, traders and service providers. The following are four important needs of consumer protection:
1. Consumer Ignorance: A large number of consumers are unaware of the quality, price, ingredients and utility of products, and of the rights available to them. Because of this ignorance they are easily misled by sellers. Consumer protection is needed to safeguard such uninformed buyers.
2. Unorganised Consumers: Consumers are scattered across a wide area and act individually, whereas manufacturers and traders are well organised and financially strong. As a result, individual consumers cannot bargain effectively and need collective protection.
…
Unlock everything free for 14 days
- Full step-by-step solutions
- Concept-first explanations
- Methods, shortcuts & mistakes
- PYQ mapping + timed mock tests
Full access for 14 days. No credit card required.