Question 16 of 19
Q.(a) Explain any five Rights of Consumers.
(OR)
(b) Discuss the role of financial market.
Puducherry TnboardTamil Nadu HSC (DGE) Commerce Board 2020Subjective· 5mImportance★★★★★
84% · 16/19 Questions
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Start your 14-day free trial to unlock the full solution →(a) Five consumer rights: safety, information, choice, to be heard, and redressal. (b) The financial market mobilises savings, aids capital formation, gives liquidity, discovers prices, allocates funds efficiently and drives growth.
(a) Five Rights of Consumers
- Right to Safety: the right to be protected against goods and services that are hazardous to life, health and property.
- Right to be Informed: the right to full information about the quality, quantity, purity, price and standard of goods so as to make an informed choice and be protected against misleading claims.
- Right to Choose: the right to have access to a variety of goods and services at competitive prices, free from any pressure to buy a particular brand.
- Right to be Heard: the right to have one's complaints and interests given due consideration at appropriate forums.
- Right to Seek Redressal: the right to obtain fair settlement or compensation against unfair trade practices or defective goods through consumer forums. (A sixth is the right to consumer education.)
(b) Role of the Financial Market
- Mobilisation of savings: it collects the scattered savings of households and institutions and channels them into productive use.
- Capital formation: by directing savings into investment, it promotes capital formation essential for growth.
- Provision of liquidity: it enables investors to buy and sell financial assets easily, converting them into cash when needed. …
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