Economics: Consumer Rights · Class 10 · CBSE Social Science
Why is consumer awareness considered essential in a market economy? Explain any two reasons.
Practice question from Economics: Consumer Rights (Class 10 · CBSE Social Science), with the correct answer and a step-by-step solution.
medium · Subjective · Q-808A18
Why is consumer awareness considered essential in a market economy? Explain any two reasons.
Answer: Consumer awareness is essential because it protects buyers from exploitation such as adulteration, underweight measurements, and high prices charged by dishonest producers. It empowers consumers to make informed choices by demanding complete information about the price, quality, expiry date, and ingredients of goods and services.
Solution
Consumer awareness prevents exploitation and enables consumers to exercise their right to choose and right to be informed.
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