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Economic definition of consumer protection

The consumer is the person who purchases products and services for his/her personal use and not to convert into goods for sale. Consumerism is an economic order and philosophy that fosters the purchase of goods and services in large amounts. Initial censure of consumerism happened in 1899 in the works of leading economists topic of study was the newly emergent middle class arising at the turn of the 20th century. In the realm of politics, the expression “consumerism” has also been used to mean something very dissimilar known as the consumerists’ movement, consumer protection or consumer activism, which strives to protect and inform consumers by requiring such practices as trustworthy packaging and advertising, product guarantees, and better safety standards. To earn the best grades in your Business plans and creative work assignments you should choose an academic writing service that will meet your best writing needs.

In this significance it is a political movement or a set of policies aimed at regulating the products, services, methods, and standards of manufacturers, sellers, and advertisers in the interests of the consumer Taken as a whole since the end of the 20th century, the mushrooming of consumerism as a way of life across all domains has changed politics, economics and culture:The person who purchases and uses products and services in marked difference to manufacturers who produce the goods or services and wholesalers or retailers who distribute and sells them and is entitled to legal protection of the law so that the person is not subject to deceit or fraud by the seller who is usually in a stronger position and hence the consumer is at the mercy of the seller of the goods.

Consumers are basically average citizens carrying out business transactions such as buying goods or borrowing money, on an even balance with companies or citizens who regularly engage in business. All through history consumer transactions of goods or services for personal, family, or household use were presumed fair because it was assumed that buyers and sellers bargained from equal positions. Starting in the 1960s, laws were created to respond to complaints by consumer supporters because consumers were naturally disadvantaged, particularly when doing business with large corporations and industries. Several types of agencies and statutes, both state and federal, now offer consumers protection against big businesses.

A member of the general public who is safeguarded by state and federal laws governing price policies, financing practices, quality of goods and services, credit reporting, debt collection, and other trade practices of U.S. commerce. A purchaser of a product or service with a   legal right to put into effect any indirect or specific  warranties that have relevance  for  the item against the manufacturer who has introduced the goods or services into the marketplace or the seller who has made them a term of the sale