Chapter 3, Problem 18AA

To determine

To Discuss: The importance and changes in consumerism movement.

Explanation of Solution

As consumerism refers movement to educate buyers about the purchases they make and to demand better and safer products from manufacturer. Therefore the changes are as follows:

• Right to information:

A consumer has a right to the information regarding the quality, quantity, potency, purity, standard and the price of goods and services, so that the consumer can protect themselves against unfair trade practices.

• Right to competitive price:

The consumer must be assured of an access to a variety of goods and services at a competitive price. This right can accepts the freedom of retailers from the exploitative conditions imposed by the producers and on the other hand creates monopoly powers of the producers

• Right to be heard:

The establishment of appropriate forums at various levels aims at hearing the grievances of the consumers.

• Right to information regarding protection:

The interests of the consumers cannot be protected unless the consumers have full knowledge of the protection given to them. It is therefore necessary to educate the consumers about the protection guaranteed to them.

Economics Concept Introduction

Introduction:

Consumerism refers to protection of a consumer’s freedom to buy the goods and services of his choice is necessary, and goods which are found defective must be treated as an infringement of his freedom of choice. For this purpose, action based upon certain standards should be laid down, like AGMARK or ISI seal, can be taken by the government.

Consumer protection involves protection from unfair trade practices for the purpose of promoting sales and making money at the cost of consumer’s health and well being. Consumerism also helps shape some business practices. Planned obsolescence of consumer goods can displace competition among producers to make more durable goods and products.