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
The greatest disadvantage of an oligopoly is that it can reduce the number of choices for the consumer. This lack of choice can result in consumers being forced to use products or services they do not find satisfactory.Full Answer >
The four basic rights of capitalism include: the right to private property, the right to own a business and keep its profits, the right to freedom of choice and the right to freedom of competition. Freedom of competition allows businesses to compete by offering new products at competitive prices.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 >
The basic rights that form capitalism's foundation include the right to own private property and the right to own a business and keep profits after taxes are paid. In addition, capitalism supports the freedom to compete and the freedom of choice.Full Answer >