Consumer Awareness
NIOS · Class 10 · Economics
Flashcards for Consumer Awareness — NIOS Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a consumer in consumer awareness?
Answer
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…
What are goods and services?
Answer
Goods are products manufactured or produced and sold to consumers through wholesalers and retailers. Services include banking, finance, insurance, transport, electricity supply, housing, construction,…
What is consumer awareness?
Answer
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…
Why is consumer awareness needed?
Answer
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…
What is VAT and why is the bill important?
Answer
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…
What is the Consumer Protection Act 1986?
Answer
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…
Name the other major laws aimed at consumer protection after independence.
Answer
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…
What are the two types of institutions that deal with consumer grievances?
Answer
The two types are Government Councils and Consumer Courts. Government Councils help at the policy level, while Consumer Courts provide legal redressal to consumers.
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