CONSUMER MARKET AND SOCIETY
A consumer market can be defined as a part of the economy where products and services are sold directly to people or families for their own use and not for any commercial or industrial reason.
society can be described as a group of individuals who inhabit the same space with a certain level of orderliness and whose relationships are based on shared principles such as legal statutes and conventional patterns.
IMPORTANCE OF CONSUMER EDUCATION
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Empowers individuals with knowledge to help them make informed decisions.
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Aids in wise money management and debt avoidance.
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Empowers consumers by making them aware of their rights.
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Helps promote purchasing practices that are environmentally friendly.
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Helps in discovering safe and dependable items.
CONSEQUENCES OFLACK OF CONSUMER EDUCATION
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Consumers may end up making choices that are not only malicious but also ignorant.
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Increases risks for incurring debts and spending money unwisely.
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Consumers could be subjected to prejudiced acts and suffer from unfortunate events.
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It causes an exceptional level of buying patterns that are not acceptable within sustainable development frameworks.
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This increases the probability of getting contaminated or non-nutritious consumables Health Risks
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Greater chance of being the victim of scams Scam-Prone
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Consumers may believe false or exaggerated claims.