Topics in Business StudiesBusiness Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender Scope and Importance of Business Studies Business Structures: Sole Proprietorship, Advantages and Disadvantages Clerical Staff: Grades, Qualities and Functions of a Clerical Staff Principle of Double Entry: Characteristics, Advantages, Disadvantages
Academic Questions in Business Studies
Which of the following is not a Right of Consumer Protection?
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.
They say after God comes money. You may also have heard the saying:
Money makes the world go round.
Money is very important for the survival of every human being. Every institution, including churches, mosques and orphanages require money to function. Many innocent children have died due to the lack of money. On the other hand, people become all sort of things (criminals, beggars, prostitutes, cyber criminals "yahoo boys and girls", and so on) all for the sake of money. This is so because with money, you can have and do almost everything.
By definition, money is anything of value that is generally accepted as a medium of exchange.
Of course, money is very good; but regardless, it has become the root of all evil. For this reason, it has got numerous advantages and disadvantages.
In this article, we will discuss on some of the disadvantages or demerits of money.
According to the holy book:
The love of money is the root of all evil.
We have heard people kill their biological parents for the sake of money (to be used for money rituals).
Criminals and assassins kill for money. Everyday, millions of people die because of this very subject "money". I have once heard a young boy (below the age of 18) say:
Before I get to age 40, I will be a millionaire by any means necessary.
The children of poor people die from common diseases like malaria, typhoid and cholera; and the lack of money may be attributed to this.
Please let's use our money to assist in stopping some of these unnecessary deaths.
Monopoly is said to exist when the concentration of money and wealth are in the hands of very few persons.
When monopoly is prevalent in a society, a lot of workers will be exploited. They will work so hard and receive very little in return, which is not commiserate with the job they have done. This is true because such workers have technically got no option especially if they have families.
The instincts of survival may also suggest that some of the poor in the society will steal from the few rich if they had the opportunity.
An excess of money may bring about insecurity in some people. Such people cannot live in crowded areas or ghettos. Everywhere they go, they move with security personnel and escorts. Even their children cannot attend public schools for the fear of being kidnapped; and this is one reason why they send them abroad to school.
With regards to insecurity, going to the general market and other crowded places has now become a herculean task for some of the rich and wealthy.
Friendship and trust have been betrayed because of money. Some rich men would rather not associate themselves with poor people because they wrongly believe such friendship have nothing to offer.
Money have proven to be a major reason why men and women cheat in relationships. This singular act brings about betrayal, pain, hurt and other emotional trauma.
Judas Iscariot betrayed Jesus for just 30 pieces of silver (money).
In our world today, Money is a key factor that has made best friends become bitter enemies.
In an economy where an excess of money is in circulation, inflation is bound to happen.
Inflation may be defined as a rise in the price level of goods and services.
Inflation will adversely affect the poor since the cost of basic human resources like food, clothing and shelter would have gone up. The rich become richer while the poor become poorer in a capitalist economy.
Sometimes, when money becomes excessive in the hands of some persons, they become overwhelmed and begin to act carelessly. For instance, A person may reserve a very expensive hotel room for one year; only to end up using the room for less that 14 days within that year.
Some may own hundreds of very expensive cars and end up not riding some of these.
Note: I am not saying having houses or owning cars are bad, what I am saying is: "we should endeavor to be prudent with money while using the excess to help or give back to the society".
In countries with low level of corruption and a perfectly working tax system; the misuse of money will be reduced.
Some people who are very wealthy may no longer care about their extended family and friends. As a result they distance themselves and block every form of communication. One of the reasons for which they do this is to avoid the frequent responsibility of solving their family's financial issues.
I will encourage the rich to empower their family members as much as they can.
Money should not be doing this, but unfortunately, it is. The fact that there is a dividing line between the rich and the poor is an attribute of money.
In some states within in a country, there is this division into the rich zone and the poor zone. For instance, here in Lagos Nigeria, If one resides on the island (that is, Banana Island, Victoria Island and so on), they will generally be considered as big and rich. Conversely, if one resides somewhere in Mushin or Ajegunle (within the same Lagos), people are likely to consider them as just average or even poor.
We have seen and heard on numerous occasions where the rich oppresses the poor and gets away with it. (This is why the tax collectors were not loved in the holy book).
Some of the rich may higher thugs or utilize the police to achieve their aims.
Sometimes, they steal a lot of money, bribe through the justice system and get away with it. On the other hand, if a poor man is caught stealing, he faces the full wrath of the law; and in some unfortunate cases, jungle justice may be immediately carried on him.
Underemployment is said to occur when a person earns a pay that isn't commensurate with the job that has been done.
An instance of underemployment is seen when a man does the job of a gate-man, cleaner, washer-man and messenger; only to get a monthly pay of N5,000.
Note: In the above instance, the man will likely end up doing the job regardless the pay because he probably has a family whom he must fend for.
The above instance is really bad and some will argue that it is somewhat worse than unemployment. Others will call it a timed bomb waiting to explode.
Note: Let us always remember that money is a tool that's meant to be controlled. Money becomes good if we control it's use in the right direction (and not the other way around).
The advantages of money are far more when compared to it's disadvantages.
If proper regulation of monetary distribution, policy and tax are put in place within a state or country, it's economy will flourish and the gap between the rich and the poor will be reduced.
We should always endeavor to help the poor and needy in our midst as much as we can.
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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.
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:
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