Market and Consumer Protection Online Test 7th Social Science Lesson 21 Questions in English

Economists described a market as coming together of the buyers and sellers, i.e. an arrangement where buyers and sellers come in direct or indirect contact to sell/buy goods and services. For example, the market for books will constitute all the sellers and buyers of books in an economy. It does not necessarily refer to a geographic location. A set up where two or more parties engaged in exchange of goods, services and information is called a market.

The two parties involved in a transaction are called seller and buyer. The seller sells goods and services to the buyer in exchange of money. There has to be more than one buyer and seller for the market to be competitive.

A market is also not restricted to one physical or geographical location. It covers a general wide area and the demand and supply forces of the region.

There must be a group of buyers and sellers of the commodity to constitute a market. And the relations between these sellers and buyers must be business relations.

Broadly there are two classifications of markets – the product market and the factor market.

At any given time only one price can be prevalent in the market for the goods and services. This is only possible in the existence of perfect competition.

Broadly there are two classifications of markets – the product market and the factor market. The factor market refers to the market for the buying and selling of factors of production like land, capital, labour, etc.

Both the sellers and buyers must have access to knowledge about the market. There should be an awareness of the demand for products, consumer choices, and preferences, fashion trends, etc.

In such a Local market the buyers and sellers are limited to the local region or area. They usually sell perishable goods of daily use since the transportation of such goods can be expensive.

National Market is where the demand for the goods is limited to one specific country. Or the government may not allow the trade of such goods outside national boundaries.

When the demand for the product is international and the goods are also traded internationally in bulk quantities, we call it as an international market.

Very Short Period Market is when the supply of the goods is fixed, and so it cannot be changed instantaneously. Say for example the market for flowers, vegetables. Fruits etc. The price of goods will depend on demand.

Very Short Period Market is when the supply of the goods is fixed, and so it cannot be changed instantaneously. Say for example the market for flowers, vegetables. Fruits etc. The price of goods will depend on demand.

Very Short Period Market is when the supply of the goods is fixed, and so it cannot be changed instantaneously. Say for example the market for flowers, vegetables. Fruits etc. The price of goods will depend on demand.

In Short Period market is slightly longer than the previous one. Here the supply can be slightly adjusted.

Long Period Market: Here the supply can be changed easily by scaling production. So, it can change according to the demand of the market. So, the market will determine its equilibrium price in time.

Long Period Market: Here the supply can be changed easily by scaling production. So, it can change according to the demand of the market. So, the market will determine its equilibrium price in time.

Regional Markets: These markets cover a wider are than local markets like a district, or a cluster of few smaller states.

On the basis of nature of transaction the markets can be classified into two types. They are Spot market and Future market.

Spot Market: This is where spot transactions occur, that is the money is paid immediately. There is no system of credit.

Spot Market: This is where spot transactions occur, that is the money is paid immediately. There is no system of credit.

Future Market is where the transactions are credit transactions. There is a promise to pay the consideration sometime in the future.

Future Market is where the transactions are credit transactions. There is a promise to pay the consideration sometime in the future.

On the basis of regulation, market can be classified into two types. They are Regulated market and Unregulated market.

Regulated Market: In such a market there is some oversight by appropriate government authorities. This is to ensure there are no unfair trade practices in the market. Such markets may refer to a product or even a group of products. For example, the stock market is a highly regulated market.

Regulated Market: In such a market there is some oversight by appropriate government authorities. This is to ensure there are no unfair trade practices in the market. Such markets may refer to a product or even a group of products. For example, the stock market is a highly regulated market.

Regulated Market: In such a market there is some oversight by appropriate government authorities. This is to ensure there are no unfair trade practices in the market. Such markets may refer to a product or even a group of products. For example, the stock market is a highly regulated market.

Unregulated Market: This is an absolutely free market. There is no oversight or regulation, the market forces decide everything.

Unregulated Market: This is an absolutely free market. There is no oversight or regulation, the market forces decide everything.

Monopoly refers to a market structure in which there is a single producer or seller that has a control on the entire market. This single seller deals in the products that have no close substitutes.

Monopoly refers to a market structure in which there is a single producer or seller that has a control on the entire market. This single seller deals in the products that have no close substitutes.

The term monopolistic competition was given by Prof Edward H. Chamberlin of Harvard University in 1933 in his book Theory of Monopolistic Competition.

The term monopolistic competition was given by Prof Edward H. Chamberlin of Harvard University in 1933 in his book Theory of Monopolistic Competition.

The term monopolistic competition was given by Prof Edward H. Chamberlin of Harvard University in 1933 in his book Theory of Monopolistic Competition.

The term monopolistic competition represents the combination of monopoly and perfect competition.

Monopolistic competition refers to a market situation in which there are a large number of buyers and sellers of products. However, the product of each seller is different in one aspect or the other.

The term oligopoly has been derived from two Greek words, Oligoi means few and poly means control.

The term oligopoly has been derived from two Greek words, Oligoi means few and poly means control.

The term oligopoly has been derived from two Greek words, Oligoi means few and poly means control.

Greek words, Oligoi means few and poly means control. Therefore, oligopoly refers to a market form in which there are few sellers dealing either in homogenous or differentiated products.

A Consumer is a person who purchases a product or avails a service for a consideration, either for his personal use or to earn his livelihood by means of self-employment. The consideration may be: ✓ Paid ✓ Promised ✓ Partly paid and partly promised.

A Consumer is a person who purchases a product or avails a service for a consideration, either for his personal use or to earn his livelihood by means of self-employment. The consideration may be: ✓ Paid ✓ Promised ✓ Partly paid and partly promised. It also includes a beneficiary of such goods/services when such use is made with the approval of such person.

A person is not a consumer if he/she: ✓ Purchases any goods or avails any service free of charge; ✓ Purchases a good or hires a service for commercial purpose; ✓ Avails any service under contract of service.

An “unfair trade practice” means a trade practice, which, for the purpose of promoting any sale, use or supply of any goods or services, adopts unfair method, or unfair or deceptive practice. Some of these practices include:  False representation  When goods and services are not of stated standard, quality or grade;  When second hand, renovated goods are sold as new ones.

An “unfair trade practice” means  When goods and services do not have the claimed use, usefulness or benefit;  When products / services do not have the claimed warranty / guarantee;  When the price of product or service is misleading.  False and misleading advertisement of selling at bargain price.  Offering gifts, prizes, etc. to lure customers with no intention of providing them.

Hoardings or destroying goods with the intention of raising the cost of these or similar goods manufactured in greater number so as to manipulate higher prices is an Unfair trade practice. Manufacturing or offering spurious goods or adopting deceptive practices in the provision of services.

“Goods once sold will not be taken back” or “No exchange”, or “No refund under any circumstances” It amounts to Unfair Trade Practice and does not carry any legal weight.

Consumer protection is a group of laws enacted to protect the rights of consumers, fair trade, competition and accurate information in the market place. The laws are designed to prevent the businesses that engage in unfair practices from gaining an advantage over competitors.

Telecom Regulatory Authority of India – TRAI. Insurance Regulatory and Development Authority of India – IRDAI.

Telecom Regulatory Authority of India – TRAI. Insurance Regulatory and Development Authority of India – IRDAI.

The Eight Basic Consumer Rights 1. The Right to Basic Needs. 2. The Right to Safety. 3. The Right to Information. 4. The Right to Choose. 5. The Right to Representation. 6. The Right to Redress. 7. The Right to Consumer Education. 8. The Right to a Healthy Environment.

The Eight Basic Consumer Rights 1. The Right to Basic Needs. 2. The Right to Safety. 3. The Right to Information. 4. The Right to Choose. 5. The Right to Representation. 6. The Right to Redress. 7. The Right to Consumer Education. 8. The Right to a Healthy Environment.

The Consumer Protection Act, 1986 (COPRA). This Act enacted in 1986 in the Parliament of India to protect the interests of consumers.

The Consumer Protection Act, 1986 (COPRA). This Act enacted in 1986 in the Parliament of India to protect the interests of consumers.

The COPRA act was passed in Assembly in October 1986 and came into force on December 24, 1986.

The COPRA act was passed in Assembly in October 1986 and came into force on December 24, 1986.

COPRA is regarded as the 'Magna Carta' in the field of consumer protection for checking unfair trade practices, ‘defects in goods’ and ‘deficiencies in services’ as far as India is concerned. It has led to the establishment of a widespread network of consumer forums and appellate courts all over India. It has significantly impacted how businesses approach consumer complaints and has empowered consumers to a great extent.

Consumer Protection Councils are established at the national, state and district level to increase consumer awareness. To increase the awareness of consumers, there are many consumer organisations and NGOs that have been established.

National Consumer Disputes Redressal Commission (NCDRC): Established by the Central Government. It deals with matters of more than 10 million.

National Consumer Disputes Redressal Commission (NCDRC): Established by the Central Government. It deals with matters of more than 10 million.

State Consumer Disputes Redressal Commission (SCDRC): Also known as the "State Commission" established by the State Government in the State. It is a state level court that takes up cases valuing less than ₹10 million.

State Consumer Disputes Redressal Commission (SCDRC): Also known as the "State Commission" established by the State Government in the State. It is a state level court that takes up cases valuing less than ₹10 million.

District Consumer Disputes Redressal Forum (DCDRF): Also known as the "District Forum" established by the State Government in each district of the State. The State Governments may establish more than one District Forum in a district. It is a district level court that deals with cases valuing up to ₹2 million.

District Consumer Disputes Redressal Forum (DCDRF): Also known as the "District Forum" established by the State Government in each district of the State. The State Governments may establish more than one District Forum in a district. It is a district level court that deals with cases valuing up to ₹2 million.

District Consumer Disputes Redressal Forum (DCDRF): Also known as the "District Forum" established by the State Government in each district of the State. The State Governments may establish more than one District Forum in a district. It is a district level court that deals with cases valuing up to ₹2 million.

Indian Parliament, in August 2019, passed the landmark Consumer Protection Bill, 2019 which aims to provide the timely and effective administration and settlement of consumer disputes in this Digital Age. The New Act will come into force on such date as the Central Government may so notify.

Indian Parliament, in August 2019, passed the landmark Consumer Protection Bill, 2019 which aims to provide the timely and effective administration and settlement of consumer disputes in this Digital Age. The New Act seeks to replace more than 3 (three) decades old Consumer Protection Act, 1986 (Act).

The New Act has widened the definition of 'consumer'. The definition now includes any person who buys any goods, whether through offline or online transactions, electronic means, teleshopping, direct selling or multi-level marketing.

Revised pecuniary limits have been fixed under the New Act. Accordingly, the district forum can now entertain consumer complaints where the value of goods or services paid does not exceed INR 10,000,000 (Indian Rupees Ten Million).

State Commission can entertain disputes where such value exceeds INR 10,000,000 (Indian Rupees Ten Million) but does not exceed INR 100,000,000 (Indian Rupees One Hundred Million), and the National Commission can exercise jurisdiction where such value exceeds INR 100,000,000 (INR One Hundred Million).

National Commission can exercise jurisdiction where such value exceeds INR 100,000,000 (INR One Hundred Million).

The New Act contains enabling provisions for consumers to file complaints electronically and for hearing and/or examining parties through video-conferencing. The New Act proposes the establishment of a regulatory authority known as the Central Consumer Protection Authority (CCPA), with wide powers of enforcement. The CCPA will have an investigation wing, headed by a Director General, which may conduct inquiry or investigation into consumer law violations.

The New Act proposes the establishment of a regulatory authority known as the Central Consumer Protection Authority (CCPA), with wide powers of enforcement.

The CCPA may impose a penalty of up to INR 1,000,000 on a manufacturer or an endorser, for a false or misleading advertisement. The CCPA may also sentence them to imprisonment for up to two years for the same.

The CCPA may impose a penalty of up to INR 1,000,000 on a manufacturer or an endorser, for a false or misleading advertisement. The CCPA may also sentence them to imprisonment for up to two years for the same.

The CCPA may impose a penalty of up to INR 1,000,000 on a manufacturer or an endorser, for a false or misleading advertisement. The CCPA may also sentence them to imprisonment for up to two years for the same. In case of a subsequent offence, the fine may extend to INR 5,000,000 and imprisonment of up to five years.

The CCPA may impose a penalty of up to INR 1,000,000 on a manufacturer or an endorser, for a false or misleading advertisement. The CCPA may also sentence them to imprisonment for up to two years for the same. In case of a subsequent offence, the fine may extend to INR 5,000,000 and imprisonment of up to five years. The CCPA can also prohibit the endorser of a misleading advertisement from endorsing that particular product or service for a period of up to one year. For every subsequent offence, the period of prohibition may extend to three years.

National Consumer Disputes Redressal Commission (NCDRC): A national level court works for the whole country and deals compensation claimed exceeds rupees one core. The National Commission is the Apex body of Consumer Courts; it is also the highest appellate court in the hierarchy.

The National Consumer Disputes redressal Commission (NCDRC), is a quasi-judicial commission in India which was set up in 1988 under the Consumer Protection Act of 1986. Its head office is in New Delhi. The commission is headed by a sitting or retired judge of the Supreme Court of India.

The National Consumer Disputes redressal Commission (NCDRC), is a quasi-judicial commission in India which was set up in 1988 under the Consumer Protection Act of 1986. Its head office is in New Delhi. The commission is headed by a sitting or retired judge of the Supreme Court of India.

The National Consumer Disputes redressal Commission (NCDRC), is a quasi-judicial commission in India which was set up in 1988 under the Consumer Protection Act of 1986. Its head office is in New Delhi. The commission is headed by a sitting or retired judge of the Supreme Court of India.

The National Consumer Disputes redressal Commission (NCDRC), is a quasi-judicial commission in India which was set up in 1988 under the Consumer Protection Act of 1986. Its head office is in New Delhi. The commission is headed by a sitting or retired judge of the Supreme Court of India.

A state level court works at the state level with cases where compensation claimed is above 20 lakhs but up to one core. The State Commission also has the appellate jurisdiction over the District Forum.

State Consumer Disputes Redressal Commission (SCDRC): A state level court works at the state level with cases where compensation claimed is above 20 lakhs but up to one core. The State Commission also has the appellate jurisdiction over the District Forum.

District Consumer Disputes Redressal Forum (DCDRF): A district level court works at the district level with cases where the compensation claimed is up to 20 lakhs.

Important Acts ✓ The Consumer Protection Act, 1986 ✓ The Legal Metrology Act, 2009 ✓ The Bureau of Indian Standards Act, 1986 ✓ The Essential Commodities Act, 1955 ✓ The prevention of Black Marketing and maintenance of supplies of essential ✓ Commodities Act, 1980.

Important Acts ✓ The Consumer Protection Act, 1986 ✓ The Legal Metrology Act, 2009 ✓ The Bureau of Indian Standards Act, 1986 ✓ The Essential Commodities Act, 1955 ✓ The prevention of Black Marketing and maintenance of supplies of essential ✓ Commodities Act, 1980.

Important Acts ✓ The Consumer Protection Act, 1986 ✓ The Legal Metrology Act, 2009 ✓ The Bureau of Indian Standards Act, 1986 ✓ The Essential Commodities Act, 1955 ✓ The prevention of Black Marketing and maintenance of supplies of essential ✓ Commodities Act, 1980

Mixing other extraneous material of inferior quality with a superior quality material is called Adulteration.