Consumer Awareness — Flashcards

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A consumer is the buyer of goods and services. The user of goods and services with the permission of the buyer is also treated as a consumer. A person buying goods or services for resale is not a cons…

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Goods are products manufactured or produced and sold to consumers through wholesalers and retailers. Services include banking, finance, insurance, transport, electricity supply, housing, construction,…

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Consumer awareness is the combination of four things: knowledge of product quality, education about marketing hazards, knowledge of consumer rights, and knowledge of consumer responsibilities. It help…

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Consumer awareness is needed because markets have many goods, many sellers, misleading advertisements, hidden information, and unfair trade practices. It also helps consumers ask for bills, check qual…

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VAT means Value Added Tax. It is a tax placed on a product whenever value is added at a stage of production and at final sale. The bill is important because it proves purchase, helps in filing a compl…

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The Consumer Protection Act 1986 is the most important law protecting consumer interest in India. It was enacted to provide cheap, simple, and quick justice to consumers and to protect them from unfai…

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The major laws are the Prevention of Food Adulteration Act 1954, the Essential Commodities Act 1955, and the Standard of Weights and Measures Act 1976. These laws also support consumer protection in d…

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The two types are Government Councils and Consumer Courts. Government Councils help at the policy level, while Consumer Courts provide legal redressal to consumers.