(a) What is consumerism?
(b) Give three reasons why consumers need protection.
(c) State any five measures taken by the government or associations to protect consumers in Nigeria.
Explanation
(a) Consumerism; is the view of having the interest of consumers in the production and distribution of goods and services. Consumers need to be protected in the course of consuming goods and services produced. The consumer is “the king”. A recognition of the principles that consumer is sovereign e.g fixing price that suits consumer, producing goods that consumer likes.
(b) Reasons for Consumer protection are:
(I) To reduce exploitation of the consumers by the manufacturer in the form of high prices.
(ii) To ensure the supply of quality goods.
(iii) Consumers need protection to ensure that goods offered for sale do not contain dangerous chemicals or damaging side effects.
(iv) To avoid the use of incorrect weight and measured of goods.
(v) Consumers are protected against false credit facilities.
(vi) They should be protected against misleading advertisements.
(vii) To ensure a regular supply of goods and services.
(c) Measures taken by the government or association to protect consumers in Nigeria are:
(i) The ministry of health was mandated to set an eagle eye on the manufactures and sales of dangerous food items and drugs.
(ii) Trade associations are also set up to reduce exploitation by maintaining uniform prices of goods.
(iii) The Price Control Board was set up by the government and charged with the responsibility of regulating prices.
(iv) The standards organisation was created to organise, test and do everything necessary to ensure compliance with approved standards.
(v) The prices and income board was set up by the government to regulate rewards for labour, i.e wages and salaries.