Ex

  Economics (NTSE/Olympiad)  

5. Consumer Rights

Major Factors Responsible For The Exploitation Of The Consumer

Major Factors Responsible For The Exploitation Of The Consumer
1. Limited information : In the absence of information about different aspects of the products namely price, quality, composition, condition of use etc., the consumers are liable to make a wrong choice and loss money.
2. Wrong information : In the absence of full and correct information a consumer may get exploited.
3. Shortage of supply : Due to under development of industry there is a shortage of supply. This gives rise to hoarding and price rise.
4. Limited competition : Due to under development of industry there is a lack of competition in the market. This may lead to exploitation of the consumers.
5. Illiteracy and ignorance of the consumers : In most of the developing and under developed economies illiteracy rate is very higher consumers can be easily cheated by the producer.

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