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Topic Content:
- Consequences of Lack of Consumer Education
What are the Consequences of Lack of Consumer Education?
When consumers are not fully aware of their inherent rights, there could be serious consequences.
Below are some of the consequences of a lack of consumer education:
1. The consumer may not be competent in making wise decisions.
2. It incapacitates the awareness of the consumer.
3. Lack of consumer education leads to profiteeringthe practice of making or seeking to make an excessive or unfair profit, especially illegally or in a black market. More since they are completely ignorant regarding the information, on the product they are buying.
4. They could be taken for granted by the producer.
5. They may not have value for their products.
6. It can impede socio-economic developmentThe process of improving the social and economic well-being of a society or nation is referred to as socio-economic development. It includes the processes involved in improving a society's economic and... More.
7. Consumers may not be aware that they should use the products in a specified way.