Consumer awareness refers to the understanding by a consumer of their rights in regards to a product or service being marketed or sold, enabling buyers to get the most from what they purchase. There are four categories in the concept of consumer awareness: information, choice, safety and the right to be heard.Know More
Despite the fact the first consumer movement started in England after World War II, a declaration regarding consumers' rights in the United States was first made, in 1962. Consumer activist Ralph Nadar is considered by many as the father of the "consumer movement."
In 1985, the United Nations adopted specific guidelines to achieve the objectives of establishing an ethical conduct for those involved in the distribution and production of services and goods, and to maintain protection for consumers around the globe. The World Consumer Rights Day is celebrated, on March 15th.
The protection and promotion of consumer rights and best interests is an important function of the government of any economy. Government agencies and consumer groups regularly start consumer awareness campaigns, to help consumers understand new products and services in the marketplace.
Artificial scarcity, undue conditions, rough behavior and high prices are some of the ways consumers are exploited by traders and manufacturers.Learn more about Economics
Consumer sovereignty is the economic theory that consumers can best determine what goods and services should be produced in a society. Firms, such as businesses and companies, produce whatever the consumer prefers. Economist William Harold Hutt coined this term in his 1936 book "Economists and the Public."Full Answer >
Various forms of consumer exploitation include higher commodity prices beyond recommended costs, risk products, adulteration and sub-standard commodities. Other forms of exploitation include false claims about the product’s attributes, breach of warranty and maintenance contract.Full Answer >
Consumer goods include household appliances, cleaning products, food, furniture and electronics. The number of consumer goods is potentially infinite and growing, as any good that a person buys for household use or consumption qualifies. Consumer goods are typically categorized as durable or nondurable. Consumer services, which are intangible, are sometimes included under the umbrella of consumer goods.Full Answer >
Economic rights are part of a range of legal principles based on the philosophy of human cultural and social obligations in which economic equality and freedom are preserved. Economic and social rights are granted to Americans fulfilled by the government in an effort to ensure that citizens have the ability to maintain their needs.Full Answer >