Question

What is consumer ignorance?

Answer 1

Hint:Consumer is known as the ‘king of the market’. It is defined as the person who buys the goods. He may either buy it for personal use or bought for anyone else.

Complete answer:
Consumer is defined as the person or a group who buys the products and services either for his own consumption or primarily for his/her family, friends, social or any similar needs. Consumer ignorance is defined as the situation where decision regarding the consumption is missing and this kind of uncertainty is known to be ignorance. It also states that the information might not be observed and remains unknown or is forgotten by the consumer then it also leads to consumer ignorance.
Consumer ignorance also occurs when consumers possess good information about the product but still are not satisfied as compared to people who do not have appropriate information regarding the product because psychologically when a consumer purchases any product his goals change and their cravings are reduced.

Note: There are various strategies adopted for the protection of consumers and some of them are:-
The Consumer Protection Act was established in the year 1986 at three main levels, i.e. District Forum, State Commission and National Commission for the protection of the rights of each and every consumer.
The Sale of Goods Act established in the year 1930 for ensuring that the goods offered are of adequate quality as promised and not charged at high price unnecessarily.
The Essential Commodities Act established in 1955 for keeping a track of the commodities and also monitor the production and supply and beware of the black marketers.