Home Preparation for National Talent Search Examination (NTSE)/ Olympiad
Chapter : 5. Consumer Rights
Major Factors Responsible For The Exploitation Of The Consumer
Major Factors Responsible For The Exploitation Of The Consumer 1. Limited information : In the absence of information about different aspects of the products namely price, quality, composition, condition of use etc., the consumers are liable to make a wrong choice and loss money. 2. Wrong information : In the absence of full and correct information a consumer may get exploited. 3. Shortage of supply : Due to under development of industry there is a shortage of supply. This gives rise to hoarding and price rise. 4. Limited competition : Due to under development of industry there is a lack of competition in the market. This may lead to exploitation of the consumers. 5. Illiteracy and ignorance of the consumers : In most of the developing and under developed economies illiteracy rate is very higher consumers can be easily cheated by the producer.