Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 16 Consumerism Notes
→ A consumer is one who consumes goods manufactured and sold by others or created (air, water, natural resources) by nature and sold by others.
→ Consumers are being exploited in the following ways:
(i) Selling at Higher Price (ii) Adulteration (iii) Duplicate or Spurious goods (iv) Artificial Scarcity (v) Sub-standard (vi) Product Risk (vii) Warranty and Services
→ Consumerism is the social force protecting the consumer and aiding the consumer. It is an organised effort to fight against the unfair trade practices.
→ “Consumerisms is not limited to organised efforts only but, is a social movement seeking to augment the rights and powers of buyers in relation to sellers”. – Philip Kotler
→ Mr. Ralph Nader is considered to be the father of the consumer movement.
→ Consumer protection is a form of social action which is designed to attain the wellbeing of the society namely consumers.
→ A consumer is saitj, to be a king in a free market economy.
→ Consumer Legislation:
The Indian Contract Act, 1982
The Sale of Goods Act, 1982
The Essential Commodities Act, 1955 .
The Agricultural Products Grading and Marketing Act, 1937
The Prevention of Food Adulteration Act, 1954 Weights and Measures Act, 1958 The Trademark Act, 1999
Nowadays the consumers’ grievances and dissatisfactions grow largely.
→ The Central Government enacted a comprehensive law called the Consumer Protection Act in 1986. This Act came into force with effect from 15.04.1987.