Match the following lists
| LIST I | LIST II |
| A) Let the buyer beware | I) Widespread exploitation |
| B) Let the seller beware | II) Social responsibility |
| C) Importance of consumer protection - consumer's point of view | III) Caveat venditor |
| D) Importance of consumer protection - business's point of view | IV) Caveat emptor |
Choose the correct answer from the options given below.
Answer & explanation
Correct answer: option 3
The correct answer is option 3- A-IV, B-III, C-I, D-II.
| LIST I | LIST II |
| A) Let the buyer beware | IV) Caveat emptor |
| B) Let the seller beware | III) Caveat venditor |
| C) Importance of consumer protection - consumer's point of view | I) Widespread exploitation |
| D) Importance of consumer protection - business's point of view | II) Social responsibility |
* The market forces have changed from a seller market i.e., the earlier approach of caveat emptor which means Let the buyer beware, to a consumer market i.e., caveat venditor which implies Let the seller beware.
* Importance of consumer protection - consumer's point of view: Consumers might be exploited by unscrupulous, exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black- marketing, etc. Consumers need protection against such malpractices of the sellers.
* Importance of consumer protection - business's point of view: Business organizations use resources which belong to the society. Thus, they have a responsibility towards the society with various interest groups.