Consumer awareness refers to the understanding by a consumer of their rights in regards to a product or service being marketed or sold, enabling buyers to get the most from what they purchase. There are four categories in the concept of consumer awareness: information, choice, safety and the right to be heard.Continue Reading
Despite the fact the first consumer movement started in England after World War II, a declaration regarding consumers' rights in the United States was first made, in 1962. Consumer activist Ralph Nadar is considered by many as the father of the "consumer movement."
In 1985, the United Nations adopted specific guidelines to achieve the objectives of establishing an ethical conduct for those involved in the distribution and production of services and goods, and to maintain protection for consumers around the globe. The World Consumer Rights Day is celebrated, on March 15th.
The protection and promotion of consumer rights and best interests is an important function of the government of any economy. Government agencies and consumer groups regularly start consumer awareness campaigns, to help consumers understand new products and services in the marketplace.
Artificial scarcity, undue conditions, rough behavior and high prices are some of the ways consumers are exploited by traders and manufacturers.Learn more about Economics
The advantages of a monopoly include reducing resource waste, improving efficiency due to better investments, providing discounts to the economically weak and investing in research and development; some disadvantages include poor service, low quality goods and higher prices, no consumer sovereignty and no competition. When a monopoly has low competition, this may result in consumers getting goods that are either out of date or low in quality.Full Answer >
The definition for supply includes the complete supply curve depicting how much supply of a product or service exists at various prices. The quantity supplied, however, represents the amount of supply for a product or service that is available at a specific price point along the supply curve.Full Answer >
Yield management refers to the process of examining and analyzing the actions of consumers in order to set variable prices for a perishable product or service at the maximum amount of profit. Some of the factors considered include buying patterns, timing and price.Full Answer >
Nominal gross domestic product is the sum of the price and quantity for each good or service in for a specific period of time. To calculate nominal GDP, an economist needs data with the price and quantity of goods, a calculator, and a computer for tabulation.Full Answer >