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JSS2: BUSINESS STUDIES – 2ND TERM

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  1. Bank Services | Week 1
    8 Topics
    |
    1 Quiz
  2. Insurance | Week 2
    7 Topics
    |
    1 Quiz
  3. Personal Qualities of an Entrepreneur | Week 3
    1 Topic
    |
    1 Quiz
  4. Business Opportunities | Week 4
    2 Topics
    |
    1 Quiz
  5. Consumer Rights and Responsibilities | Week 5
    2 Topics
    |
    1 Quiz
  6. Shopping Tips | Week 6
    4 Topics
    |
    1 Quiz
  7. Bookkeeping Ethics I | Week 7
    2 Topics
  8. Bookkeeping Ethics II | Week 8
    2 Topics
    |
    1 Quiz
  9. Ledger Entries | Week 9
    3 Topics
    |
    1 Quiz
  10. Petty Cash Book | Week 10
    5 Topics
    |
    1 Quiz



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Consumer

Definition of Consumer:

A consumer is a person who buys goods or services to be used for himself/herself. He or she is the end-user of any product.

Consumer rights refer to principles of freedom that every consumer of a particular product is entitled to.

Meaning of Consumerism:

The term “Consumerism” is used to refer to the consumerist movement, consumer protection, or consumer activism, which seeks to protect and inform consumers by requiring such practices as honest packaging and advertising, products guarantee, and improved safety standards.

8 Universal Rights of a Consumer:

Today consumers face various problems on account of competition in the market, misleading advertisements, availability of inferior goods and services, etc.

The eight rights can be described in the following terms:

1. Right to be Informed: This means the right to be informed against production processes and services that are hazardous to health or life.

2. The Right to Choice: This means the right to be given the facts needed to make an informed choice or decision.

3. The Right to the Value of Money: This means the right to have access to a variety of products and services at competitive prices and in the case of monopolies to have an assurance of satisfactory quality and services at a fair price.

4. The Right to Redress: This means the right to fair settlement of just claims.

5. The Right to the Good things of life/Satisfaction of Basic Needs: This means the right to have access to adequate and essential goods and services such as food, shelter, clothing, clean water, etc.

6. The Right to be Heard: Mean the rights to have consumer interest in executing government policy and in the development of products and services.

7. The Right to Consumer Education: This means the right to acquire knowledge and skills needed to make informed and confident choices of goods and services.

8. The Right to a Healthy Environment: This means the right to live and work in an environment that is non-threatening to the well being of present and future generations.

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