Business Studies

Consumer Right and Protection

len Alfred Ajibola - Wed, 03rd July, 2019 @ 11:13 AM

Topics in Business Studies

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Academic Questions in Business Studies

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An accounting system focused primarily on a balanced debit and credit side is termed _____.

  • A. Ledger system

  • B. Journal system

  • C. Double entry system

  • D. Balance sheet system

  • E. Principle of accounting system

  • F. Balanced accounting system

With regards to money, which of the following statement is incorrect?

  • A. Money is crucial for the survival of every human being

  • B. Money is completely advantageous

  • C. Money is defined as anything that is generally accepted as a medium of exchange

  • D. Monopoly is said to exist when money and wealth exists in the hands of a few

  • E. Excess money in an economy can lead to inflation

  • F. When a person receives money that isn't commensurate with the job he or she had done, then that's underemployment

Which of the following statement is wrong with regards to business?

  • A. Business involves the exchange of something for another thing or money

  • B. Business is an economic activity

  • C. In business, profit goes beyond money

  • D. Businesses do not have social responsibilities to their customers

  • E. The exchange of services is an aspect of business

  • F. Businesses can be affected by government policies

Consumer _____ are the laws and methods put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.

  • A. Protection
  • B. Policy
  • C. Rights
  • D. Defence
  • E. Guide
  • F. Safety

Which of the following is not a characteristics of business?

  • A. The buyer and seller must always come into a contract agreement

  • B. Risk from unforseen circumstances is involved

  • C. They are subject to policies made by the government

  • D. All business transaction is aimed at making profit

  • E. It requires a discontinuous transaction between the buyer and the seller

  • F. Investments are required to begin a business

Which of the following is not a Right of Consumer Protection?

  • A. Right to Education
  • B. Right to Choose
  • C. Right to Safety
  • D. Right to the Good things of Life
  • E. Right to be Assured
  • F. Right to Compel

Which of the following is NOT a government agency of consumer protection?

  • A. Ministry of Sports
  • B. Ministry of Commerce
  • C. Consumer Protection Council
  • D. Ministry of Health
  • E. Ministry of Environment
  • F. National Drug Law Enforcement Agent

Define Consumer Protection.


Consumer Right and Protection:

There will be no need for an ongoing production of goods and services in our world if we had on one to consume them. In this regard, the consumers pay to enjoy these varieties of goods and services while the producers on the other hand make profit from sales or usage of their products.

Unfortunately, some producers may try to exploit the consumers into buying at a much higher price. Some may even sell fake or substandard products to their consumers.


Interestingly, the middlemen or distribution agents may also exploit the final consumers on goods and services against the will of the producers.

In regards to the above forms of exploitation, consumers’ interest must be protected; and awareness must be made so that they can understand their rights in the process of buying goods and services.

Please read on production here.


Consumer protection refers to the laws and processes put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.


Consumer protection helps to prevent consumers' exploitation from producers or middlemen who distribute their products. It also protects consumers from any form of unfair trade.


At one point or another, we may have purchased a product or requested for a service which we fail to get satisfaction from. Now, the question is: 'can we take appropriate actions concerning such unsatisfactory experience?'

In response to the above question, this is where the rights and protection of consumers come into place. Therefore, consumers must be aware that they have got their protection and rights; and are entitled to enjoy them.


Note: Some countries have the bill or documentation of the Consumer’s Right Act (CRA). You may wish to check the documentation for your country via the internet.


Rights of a consumer

Below are explanations on rights of the consumer:


  • Right to consumer education

The right to consumer education is the strongest and most important right of a consumer. This is true because by this right, the consumer realizes he has other rights too.

The right of consumer education becomes a powerful tool to every consumer especially when the manufacturers or producers are aware that consumers have got a knowledge of this right.

In summary, the right of education will enlighten consumers to all other consumers' rights.

Please read more on the consequences and solutions to illiteracy here.

 

  • Right to choose

No producer or industry can force a consumer to buy their goods or accept the services they offer. Consumers are not expected to buy goods under duress or undue pressure.

As a consumer, you are entitled to make requests for a variety of products from the sellers. If a seller don’t have want you want, it’s your right to check from other sellers until you find exactly what you want.

If by chance you couldn’t find your exact want from the available shops, it’s your right not to purchase the products or to choose its closest match.

Please read on scale of preference and opportunity cost here.

The presence of a variety of goods in the market gives the consumer an edge when it comes to choice.

 

  • Right to safety

It is the right of the consumer to buy goods or accept services that will not adversely affect their health and that of their family/neighbor.

As soon as a consumer realizes they have been deceived into buying an unhealthy product, they have the right to sue the seller for damages caused by the product; in addition to getting a refund from the purchase of such dangerous product.

You can read on gender equality here.

With regards to drugs, it must be recommended by a medical doctor before we buy them. Also, we should check out the adverse or side effects of the purchased drugs before using them.

Please read on drug trafficking here.

 

  • Right to be heard

Consumers have the right to express their views about a product. When someone seeks your advice for a product that they have seen you use, please feel free to tell them your candid opinion about such product because it’s your right.

If you are certain about the overwhelming dangerous effects of certain products, it your right to share this view through the internet, social media, radio, television stations or some other reputable means.

In a previous article, we shared our opinion on the abuse of certain drugs in order to create awareness for teenagers, adolescents and students.

Please read on drugs and their side effects here.

 

  • Right to the good things of life

You have the right to enjoy every good thing that will make life worth living. However, an important point to note is that you must get every good thing you desire legally.

Please read on the story of joseph and his rise to power here.

A consumer who get things by stealing, manipulation, corruption, cyber crimes and other illegal methods will face the law as stipulated in the constitution of his/her country.

Please read more on constitution here.

To enjoy the good things of life, we need to work hard in every legal occupation or learning place we find ourselves. Consequently, if we intend to live in good houses, ride great cars and enjoy memorable vacations overseas, then we must work and pray.

 

  • Right to be assured

The product of some manufacturers comes with warranty because they understand the customers’ right to be assured. This form of assurance may be for a period of 6 months, 1 year, 2 years, 5 years and 10 years.

Note: The terms and conditions of the manufacturer will often apply to the assurance given to their respective consumers.

The right of customers’ assurance is consequently good for producers or manufacturers since it confirms the originality and quality of their products.

Please read on supply curve and law of supply here.

 

  • Right to seek redress against unfair trade

It is the right of consumers to sue an organization or any business person who had sold fake or low quality goods in a deceitful manner.

For this reason, consumers are expected to get a receipt for each goods purchased or services rendered. This receipt will serve as proof that a transaction took place between both parties whenever redress is required.

A consumer can sue any producer for any form of unfair trade, restrictive trade or hidden exploitation from their product or service.

Please read on the true meaning of honesty here.

 

  • Right to get value for money

The goal of every consumer is to get satisfaction for goods purchased or services rendered to them.

Customer satisfaction is expected to be commensurate with the amount paid for goods and services. Also, a major goal of every producer is to provide customer satisfaction. This is why many organizations have got customer care service and representatives.

Please read on the principles of marketing here.

 

  • Right to a healthy environment

As a consumer, you can choose to buy goods with regards to the environment. If the goods are sold in a dirty environment, it is in your power not to buy.

As an instance, if a man enters a restaurant to eat and discovers that the environment is filled with flies or some other insects, then the consumer can choose not to buy food from this environment. He has the right to go to a healthy environment in an attempt to enjoy a healthy meal.


Note: In addition to understanding consumer right, it's also important we understand our fundamental human rights.

Please read on your fundamental human rights here.

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Amazing facts in Business Studies

The world's 100 richest people earned enough money in 2012 to end global poverty four times over


NOTABLE POINTS IN Business Studies

Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.

The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:

  1. Government Agencies

  2. Independent Agencies

  3. Legislation

Please read on consumer protection here

One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.

Below are some of the government agencies of consumer protection:

  • National Drug Law Enforcement Agency (NDLEA)
  • National Agency for Food, Drug Administration and Control (NAFDAC)
  • Consumer Protection Council (CPC)
  • Rent Tribunal
  • Ministry of Health
  • Ministry of Commerce
  • Ministry of Transportation
  • Ministry of Environment
  • National Wages and Salaries Commission

Please read on the government agencies of consumer protection here