JSS2: BUSINESS STUDIES – 2ND TERM
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Bank Services | Week 18 Topics|1 Quiz
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Insurance | Week 27 Topics|1 Quiz
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Personal Qualities of an Entrepreneur | Week 31 Topic|1 Quiz
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Business Opportunities | Week 42 Topics|1 Quiz
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Consumer Rights and Responsibilities | Week 52 Topics|1 Quiz
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Shopping Tips | Week 64 Topics|1 Quiz
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Bookkeeping Ethics I | Week 72 Topics
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Bookkeeping Ethics II | Week 82 Topics|1 Quiz
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Ledger Entries | Week 93 Topics|1 Quiz
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Petty Cash Book | Week 107 Topics|1 Quiz
Consumer Rights
Topic Content:
- Definition of Consumer
- Meaning of Consumerism
- 8 Universal Rights of a Consumer
Who is a 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, product guarantees, 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 about 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 Redressredress implies making compensation or reparation for an unfairness, injustice, or imbalance. More: 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: This means the right to have consumer interest in executing government policy and in the development of products and services.
7. Right to Safety: Consumers have the right to be protected from hazardous goods.
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.