Why are rules and regulations required in the marketplace? Explain.
Rules and regulations were formulated out of dissatisfaction of the consumers as many unfair practices were being indulged in by the sellers. There was no legal system available to consumers to protect them from exploitation in the market place. For a long time, when a consumer was not happy with a particular brand product, he generally avoided buying that brand product, or would stop purchasing from that shop. It was presumed that it was the responsibility of consumers to be careful while buying a commodity or service.
It is required for promoting and protecting the interests of consumers against unethical and unfair trade practices such as rampant food shortages, hoarding, black marketing, adulteration of food and edible oil. It is required to look into the malpractices in ration shops and overcrowding in the road pasenger transport.
Why are rules and regulations required for the protection of the consumers, in the market place? Explain with examples.
Rules and regulations were formulated out of dissatisfaction of the consumers as many unfair practices were being indulged in by the sellers. There was no legal system available to consumers to protect them from exploitation in the market place. For a long time, when a consumer was not happy with a particular brand product, he generally avoided buying that brand product, or would stop purchasing from that shop. It was presumed that it was the responsibility of consumers to be careful while buying a commodity or service.
It is required for promoting and protecting the interests of consumers against unethical and unfair trade practices such as rampant food shortages, hoarding, black marketing, adulteration of food and edible oil. It is required to look into the malpractices in ration shops and overcrowding in the road passenger transport.
How does exploitation of consumers take place in the market? Explain with any five facts.
Exploitation in the marketplace happens in various ways.
(i) Shopkeepers weigh less than what they should.
(ii) Traders add charges that were not mentioned.
(iii) When defective or adulterated goods are sold.
(iv) When false information is passed on through the media.
(v) Traders and producers hoard goods and create an artificial scarcity in the market to sell those hoarded goods at higher prices.
I.S.I. mark can be seen on which of the following items?
Jewellery
Edible oil
Electrical appliances
Electrical appliances
C.
Electrical appliances
Explain any four ways in which consumers are exploited in the market.
Consumers are exploited in the market in the ways mentioned below:
(i) Shopkeepers weigh less than what they should.
(ii) Traders add charges that were not mentioned.
(iii) When defective or adulterated goods are sold.
(iv) When false information is passed on through the media.
Switch
