The Consumer in the Market Place


 
 
Concept Explanation
 

The Consumer in the Market Place

The Consumer in the Marketplace:-The end user of a good or service is called Consumer. A consumer is said to be king in an economy as no company can exist without consumers, People in the participate market both as producers and consumers. Producers of goods and services could be from any of the sectors such as agriculture, industry or services. Consumers participate in the marketplace by purchasing final goods and services that they need. However, consumers are exploited in the market place because they do not insist on their rights. If any consumer gets a poor quality product and dare to complain about it to the shopkeeper, he will most likely get a rude response. If a consumer is alone, he can often find himself in a weak position when seller tries to avoid complaint regarding goods or services.

Consumer Awareness :- Consumer awareness means the conciousness or awakening among consumers towards their rights and duties . 

Need for Protecting the Consumers: There is a need for rules and regulations to ensure protection for consumers as exploitation in the marketplace happens in different ways. Markets do not work fairly when producers and service providers are few and powerful, whereas consumers purchase in small amounts and are scattered. This happens when large companies are involved in production of goods. These companies can manipulate the market by passing false information through the media and other sources to attract consumers.

For example:-  A company sells milk powder throughout the world for years claiming it to be better than mother’s milk. It took years of struggle before the company was forced to accept that it had been making the false claims

Sample Questions
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Question : 1

People participated in the market as_______

Right Option : C
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Question : 2

Who among the following are the participants in market?

A: Consumers

B: Producers

C: Government

D: Consumer courts

Right Option : A
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Explanation
Question : 3

Name two ways by which a shopkeeper cheat the customers.

Right Option : A
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Explanation
 
 
 


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