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Meaning and Importance of Consumer Protection Video Lecture | Business Studies (BST) Class 12 - Commerce

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FAQs on Meaning and Importance of Consumer Protection Video Lecture - Business Studies (BST) Class 12 - Commerce

1. What is consumer protection in commerce?
Ans. Consumer protection in commerce refers to the laws and regulations put in place to safeguard consumers from unfair practices, fraud, and deceptive business activities. It ensures that consumers are well-informed, have access to safe products and services, and can seek redress in case of any issues.
2. Why is consumer protection important in commerce?
Ans. Consumer protection is important in commerce because it helps maintain a fair and transparent marketplace. It builds consumer trust and confidence, encourages competition, and promotes economic growth. By protecting consumers, it also prevents exploitation and ensures their rights are upheld.
3. What are some common consumer protection measures in commerce?
Ans. Common consumer protection measures in commerce include product labeling requirements, warranties, pricing regulations, advertising standards, and the establishment of consumer complaint mechanisms. These measures aim to prevent misleading claims, ensure product safety, and provide avenues for consumers to voice their concerns.
4. How can consumer protection benefit businesses in commerce?
Ans. Consumer protection can benefit businesses in commerce by fostering a positive reputation and increasing customer loyalty. When consumers feel protected and confident in their purchases, they are more likely to choose a particular business over its competitors. Additionally, it reduces the risk of legal disputes and negative publicity, which can save businesses time and money in the long run.
5. What steps can consumers take to protect themselves in commerce?
Ans. Consumers can take several steps to protect themselves in commerce. These include researching products and services before making a purchase, reading and understanding terms and conditions, comparing prices and reviews, being cautious of suspicious offers or deals, and reporting any fraudulent or unfair practices to the relevant consumer protection authorities. Additionally, consumers should be aware of their rights and seek legal assistance if necessary.
53 videos|206 docs|49 tests
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