Introduction to Consumer

Education

Consumer Education

• Consumer education is a right that protects the consumer

from large companies that sell products and services.

• Consumer education provides resources and information

that inform the consumer of such things as price and trade

practices.

• Consumer education involves three parts: Consumer, Business, and Government.

Consumer Education…

Consumer education is the preparation of an individual

to be capable of making informed decisions when it

comes to purchasing products in a consumer culture.

Why Consumer Education?

• Consumer education provides the public with the

information it needs on products and services so it

can make well-informed decisions on what it is

purchasing and from whom it purchases.

• It helps consumers understand their rights and

become active participants in the buying process.

Objectives of Consumer Education

•to provide an understanding of the roles an individual

performs as a worker, a consumer, and a citizen-voter;

•to provide an understanding of the money-management

skills of spending, borrowing, saving, and investing;

•to provide an understanding of the relationship that

exists among the major components of the economy namely, consumers, producers, government and

foreign trade; and

•to provide an understanding of the interrelationship between economic analysis and the problems of
the society- for example, the energy crisis, inflation,

poverty, environmental concerns, crime, international

trade, taxation, big business, and big labor.

Who Is The Consumer?

• A 'consumer' might be generally understood as a purchaser of goods and

services for the personal satisfaction of themselves or other members of

their households, as distinct from use to generate further income.

• It follows that the main characteristics of consumer protection statutes

are that the supplier acts in the course of a trade or business, the

recipient is a private individual or entity that acts in a private or not-for profit capacity.

• However, it is important not to limit the term ‘consumer’ to only

contracting parties, as that might exclude the end user of goods and

services.

•It is important to note that there is no

universally agreed definition of the term 'consumer'. Different laws of different

countries might define the term differently

depending on

their

varying

purposes,

contexts and needs.

What are the advantages of consumer awareness?

Consumer awareness plays a key role in decision making and benefits

society by promoting

 customer satisfaction,

 increasing economic stability, and

 creating realistic expectations.

The benefits of consumer awareness of an individual include enhanced

critical thinking, improved life skills and increased self-confidence.

What are the importance of consumers?

Consumers are the

main source of demand for all the

goods.

The producers of industrial goods or the producers of agricultural products are all producing the various
items according to the demand in the market. According to Prof. Marshall, it is the demand which
controls the production or market.