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Consumer awareness entails understanding one's rights and responsibilities as a buyer, alongside knowledge about available products and services. This awareness aids consumers in making informed choices, protecting them from fraud, and encouraging fair trade practices. Key components include consumer rights, responsibilities, protection laws, and methods to address unfair trade practices.
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e6.pdfClass Notes
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Term: Consumer Awareness
Definition: Understanding the rights and responsibilities of consumers, as well as knowing about products and services.
Term: Consumer Rights
Definition: The entitlements consumers have regarding safety, information, choice, and redress among others.
Term: Consumer Responsibilities
Definition: The duties consumers hold to make informed purchases and report unfair trade practices.
Term: Consumer Protection Act, 2019
Definition: A legislation aimed at safeguarding consumer interests by providing legal rights and establishing consumer courts.
Term: Unfair Trade Practices
Definition: Practices that deceive consumers, including false advertising, adulteration, and overpricing.