Which of the following is NOT the importance of consumer protection from the point of view of business?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Consumer ignorance
Option (1) Long term interest of business — An importance from the point of view of business (Incorrect). Satisfied customers come back again and tell others. This helps the business in the long run.
Option (2) Social Responsibility — An importance from the point of view of business (Incorrect). Consumers are an important group for a business, so it must look after their interest.
Option (3) Moral Justification — An importance from the point of view of business (Incorrect). It is the moral duty of a business to protect consumers and not cheat them.
Option (4) Consumer ignorance — Not an importance from the point of view of business (Correct). Consumer ignorance is a reason from the consumers’ point of view. Many consumers do not know their rights and reliefs. So they need to be taught about them. The reasons from the business’s side are different: long-term interest, use of society’s resources, social responsibility, moral justification and government intervention.
NCERT (2026-27 Edition): “Consumer Ignorance: In the light of widespread ignorance of consumers about their rights and reliefs available to them, it becomes necessary to educate them about the same so as to achieve consumer awareness.” “From the point of view of Business A business must also lay emphasis on protecting the consumers and adequately satisfying them. This is important because of the following reasons: “Social Responsibility: A business has social responsibilities towards various interest groups. …” “Moral Justification: It is the moral duty of any business to take care of consumer’s interest and avoid any form of their exploitation. …” |