Prof. Dr. A. D. Adhav FOUNDATION COURSE-II CLASS:-S.Y.B.COM

Learning Objectives After completing this chapter, you’ll be able to: Name the seven rights of consumers. List the basic responsibilities of a consumer. Explain how you can conserve resources. Describe ways you can learn consumer skills.

The Consumer Bill of Rights In 1962, President John F. Kennedy outlined what he called the Consumer Bill of Rights. The four basic consumer rights are: The right to be informed The right to choose The right to safety The right to be heard

The Right to Be Informed Consumers can make wise decisions only if they have the information they need. As a consumer, you have a right to accurate information. Businesses are required to give you certain information about their products. Packaged foods must list all ingredients starting with what they contain the most.

The Right to Choose Consumers can choose from a wide variety of goods and services, because the United States has a market economy. When one company controls the market, it has a monopoly. Competition means there are choices. Lack of competition hurts the consumer.

The Right to Safety The legal responsibility that manufacturers have to make a safe product is called product liability. Products that might be dangerous if used improperly must have instructions for correct and safe operation.

The Right to Be Heard Consumers who have complaints about products or services have a right to be heard. If you’re not happy, businesses generally want to hear about it so they can fix the problem and keep you as a customer.