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Concept
Consumer
Summary
A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use.
"Consumers, by definition, include us all," said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech : John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including:
The right to safety: To be protected against the marketing of goods that are hazardous to health or life.
The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading information, advertising, labeling, or other practices, and to be given the facts he needs to make an informed choice.
The right to choose: To be assured, wherever possible, access to a variety of products and services at competitive prices; and in those industries in which competition is not workable and Government regulation is substituted, an assurance of satisfactory quality and service at fair prices.
The right to seek redressal: Consumers have the right to seek redressal against unfair trade practices and exploitation. If any damage is done to a consumer, he has the right to get compensation depending on the degree of damage.
The right to represent : Thus, the Act has enabled us as consumers to have the right to represent in the consumer courts.
In an economy, a consumer buys goods or services primarily for consumption and not for resale or for commercial purposes. Consumers pay some amount of money (or equivalent) for goods or services.) then consume (use up). As such, consumers play a vital role in the economic system of a capitalist system
and form a fundamental part of any economy.
Official source
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