Quick Answer: Why are rules and regulations required for the protection of consumers in the marketplace justify the statement with arguments?

“Rules and regulations are required for the protection of the consumers in the marketplace”. Justify the statement with arguments. … Thus, rules and regulations are required to protect consumers mainly because of their helpless position and unfair business practices.

Why rules and regulation needed in the marketplace explain with example?

Answer : Rules and regulations are required in the market place to protect the consumers from unfair trade practices and exploitation by the sellers. Sellers often sell adulterated, defective, expired goods and every time it’s the consumer who has to suffer due to sellers malpractices.

Why are rules and regulations for the protection of consumers are not followed?

Answer: There are rules and regulations to protect the consumer from exploitation, but they are not followed because consumers are very lazy and do not want to get into legal hassles.

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Why is there a need for rules and regulations to save the consumers?

“Rules and regulations are required for the protection of the consumers in the market place.” (i) Individual consumers often find themselves in a weak position, whenever there is a complaint regarding a good or service that had been bought; the seller tries to shift all the responsibility on to the buyer.

Why there is need for protecting the consumers in the marketplace?

Consumer protection makes markets work for both businesses and consumers. Consumers need to be able to obtain accurate, unbiased information about the products and services they purchase. This enables them to make the best choices based on their interests and prevents them from being mistreated or misled by businesses.

What is the need of rules and regulations in market?

Rules and regulations are required for the protection of the consumers in the marketplace. Individual consumers often find themselves in a weak position. Whenever there is a complaint regarding a good or service that had been bought, the seller tries to shift all the responsibility on to the buyer.

Why are rules and regulations important?

Rules and regulations can help keep workers safe and prevent harm for business and industrial practices. They can also ensure that companies compete in a fair manner. Regulations can help ensure that businesses do not collude to raise prices.

What could have been the steps taken by consumer groups?

Answer: The following steps could have been taken by consumer groups:

  • Wiring articles on consumer’s rights and duties.
  • Holding exhibitions for consumer awareness.
  • To look into the malpractices in ration shops such as diverting the grains to open market to get better margin.
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What is the need for consumer protection in one word?

Consumer protection means protection and safeguarding the buyers of goods and services from any unfair practices by the seller . Consumer protection is necessary in order to educate the consumer about their rights,responsibilities and also redressing their grievances.

What is the need for consumers protection?

Consumer protection is needed because of following:

We need physical protection of the consumer, for example protection against products that are unsafe or dangerous to his health and welfare. … Consumer want protection against deceptive and unfair trade and market practices.

What are the responsibilities of consumer?

Consumer Responsibilities

  • Be Aware. Gather all the information and facts available about a product or service, as well as, keep abreast of changes and innovations in the market.
  • Beware. …
  • Think Independently. …
  • Speak Out. …
  • Be an Ethical Consumer. …
  • Complain. …
  • Share Experience. …
  • Respect the Environment.

What are the 8 basic rights of consumers?

Consumer Rights Vs Responsibilities

Sl.No Rights
1 Right to be heard
2 Right to Redress
3 Right to Safety
4 Right to Consumer Education/ Right to be Informed

What are the important terms of consumer protection act?

Under the Act of 2019, a Central Consumer Protection Authority (CCPA) was established with a view to regulate matters involving violation of consumer rights, misleading or false advertisements, unfair trade practices and enforcement of consumer rights. The Central Government will appoint the members of the CCPA.