Explain why a consumer should learn to be well informed.

Consumers must be well informed:

1. Consumers can be sold adulterated good, defective products or wrong quantity to increase profits of the sellers.

2. Such malpractices can not only be exploitative but also harmful to consumers.

3. False information can be advertised on media to attract buyers. For example, a company selling baby milk powder advertised for a long time that it was better than mother’s milk.

4. A well-informed consumer would know about the legal rights that protect him/her from such exploitation.

5. Logos like ISI and Hallmark which guarantee a product’s quality are useful only when the consumer is informed.

Explanation: Markets can work in unfair means through a variety of ways. Sellers are usually concerned only with profit and not consumers’ welfare. So consumers must be aware.