Points of importance of consumer protection from a business point of view include:
(A) Consumer justification
(B) Government intervention
(C) Social responsibility
(D) Business uses society’s resources
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (B), (C) and (D) only
(A) Consumer justification — Incorrect. The reason is moral justification: it is the moral duty of a business to look after consumers’ interests and avoid exploiting them. There is no reason called “consumer justification”. One changed word can turn a true point false, so read slowly.
(B) Government intervention — Correct. A business that exploits consumers invites action by the government, which can harm its image. Protecting consumers on its own helps it avoid such intervention.
(C) Social responsibility — Correct. A business has duties towards several groups, and consumers are one of the most important of them.
(D) Business uses society’s resources — Correct. Business runs on resources that belong to society, so it should supply products that serve society’s interest.
NCERT (2026-27 Edition): “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:” “(ii) Business uses Society’s Resources: Business organisations use resources which belong to the society. …” “(iii) Social Responsibility: A business has social responsibilities towards various interest groups. …” “(iv) Moral Justification: It is the moral duty of any business to take care of consumer’s interest and avoid any form of their exploitation. …” “(v) Government Intervention: A business engaging in any form of exploitative trade practices would invite government intervention or action. This can impair and tarnish the image of the company. …” |