What is the importance of consumer protection?
Consumer protection makes markets work for both businesses and consumers. Consumers need to be able to obtain accurate, unbiased information about the products and services they purchase. This enables them to make the best choices based on their interests and prevents them from being mistreated or misled by businesses.
What are the consumer rights in Zambia?
The right to safety, in section 52 (1) of the Act requires that a person or enterprise shall not sell any goods to consumers unless the goods conform to the mandatory safety standards for the class of goods set by the Zambia Bureau of Standards or any other relevant competent body.
How is consumer protection important for the growth of business?
Consumer protection contributes to dynamic and effective markets for businesses to grow. Consumer demand drives innovation and economic development asbusinesses are required to maintain fair prices and good quality of their products and services.
What is the importance of Consumer Protection Class 12?
Moral Justification: It is the moral duty of any business to take care of consumer interest & avoid any form of their exploitation & unfair trade practices like defective & unsafe products, adulteration, false and misleading advertising, hoardings, black marketing etc.
What are the functions of the Competition and Consumer Protection Commission?
The Commission was established by the Federal Competition and Consumer Protection Act (FCCPA) 2018 to, among others, develop and promote fair, efficient and competitive markets in the Nigerian economy, facilitate access by all citizens to safe products, and secure the protection of rights for all consumers in Nigeria.
What is meant by consumer protection state any four points of importance of consumer protection from the point of view of consumers?
Thus, a business must avoid exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black marketing etc.
What do you mean by consumer protection?
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law.
What laws are used to protect consumers?
The Federal government oversees antitrust law and consumer protection through the Federal Trade Commission which inspects complaints of scams and fraud against businesses. States use a variety of agencies and statutes to enforce consumer protection, expanding on the Federal law in many areas.
What is the role of CCPC in Zambia?
CCPC regulates the Zambian economy to avoid restrictive business practices, abuse of dominant position of market power, anti-competitive mergers and acquisitions and cartels as these erode consumer welfare. The Commission is also mandated to enhance consumer welfare.
What is the importance of consumers in an economy give two points?
A consumers role is important in an economic system because they are the ones who demand goods/services and the ones who buy them. It is in their control of whether buying those goods or services or not.
How does the government ensure the protection of consumer?
The Federal Trade Commission (FTC) protects consumers against false advertising and fraud. The Food and Drug Administration is responsible for the safeguarding of public health by monitoring drugs, medical devices, and cosmetics.
What is the role of government in protecting consumers?
The federal and provincial governments are responsible for protecting consumer rights. The federal government is responsible for creating marketplaces that are fair, efficient and competitive for producers, traders and consumers.
What is the meant by consumer protection?
How does CCPC protect business owners in Zambia?
How do the CCPC protect consumers?
The CCPC is responsible for enforcing a wide range of legislation aimed at protecting consumers. These cover transactions between businesses and consumers across all sectors of the economy. Consumer protection legislation creates rights for consumers and imposes corresponding obligations on traders.
What is importance of consumers for a business?
What Is a Customer? A customer is an individual or business that purchases another company’s goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist.
What are the important guidelines for protecting consumer rights?
Product labelling; Relevant legislation, how to obtain redress, and agencies and organizations for consumer protection; Information on weights and measures, prices, quality, credit conditions and availability of basic necessities; and. As appropriate, pollution and environment.