Question

‘Consumer awareness is essential to avoid exploitation in the market place.’ Support the statement.

Answer 1

Consumer awareness is essential to avoid exploitation in the market place as: 

• Consumers must be aware of not only the goods and services but also legal measures to protect themselves. 
• If consumers are actively involved, companies will also be on their guard to provide better goods and services. 
• Consumers must be aware of anti-social activities like hoarding, black marketing etc.
• It makes consumer a rational consumer having knowledge of how market works.
• It enables consumer to be aware of government policies for certification marks such ISI, Agmark that ensure product quality for consumers. 
• It enables consumer to use Right to Information Act (RTI) to get information on functioning of government departments.