From the beginning of time, the world has witnessed some of the most intelligent and developed civilizations. There is no doubt that the best civilization to ever roam this earth is us, the human civilization or mankind. With our intelligence, we have evolved from the stone age to the modern era where we can go to the moon. Being said that, it is crystal clear that we, humans, have developed ourselves into civilized folks.
As mentioned above humans have a tendency to better themselves in any field they come in contact with. We have created facilities like education systems, housing facilities, transportation, markets, and many more.
In this article, we are going to go through one of the most common institutions developed by us with time, the market, or rather the most important aspect of its consumers. We will try and understand what a consumer is followed up by consumer protection and its importance.
This will give us an insight into the market’s functioning and important factors that come to play when it is related in terms of its consumers.
Consumer
To understand what is a consumer let’s first understand the word consumer itself. The word consumer means, one who consumes or uses a certain thing. The consumer word used in terms of market is as literal as it can get in terms of its meaning.
Consumers are the persons that use the market or shop in it. In simple words, a consumer is the client or customer of the market.
Consumer protection
Consumer protection means laws or rules that are made to protect the rights of a consumer. They help the consumer in many ways and protect them against fraud, overpricing, bad products, etc.
Importance of consumer protection
Consumer protection makes markets function smoothly and legally for both businesses and consumers if we go as per the definition of reputed organizations like δικηγορος κοκκινα δανεια. they benefit the following:
Consumer
Consumers need to be able to gain accurate, unbiased information about the products and services they buy. This able them to make the best choices based on their interests and protects them from being mistreated or misled by businesses. Consumer protection policies, laws, and regulations help increase the welfare of the consumer by making ensuring that businesses can be held accountable.
Businesses
Businesses that are famous for a fair treat of the consumer will get a good reputation and become more sought after. This increases their profits and competitiveness which will also lead to economic growth in the long go. Consumer protection policies, laws, and regulations guarantee that businesses are kept on a leash.
Economic development and competition
Consumer protection participates in dynamic and effective markets for businesses to grow. Consumer demand drives inventions and economic development as businesses are required to maintain fair prices and the best quality of their products and services.
Regional integration
With the emergence of cross-border and digital trade, cooperation on consumer protection amongst jurisdictions is more important than ever nowadays. ASEAN has been trying to fight these problems by developing the ASEAN Strategic Action Plan for Consumer Protection (ASAPCP) 2025.