As a result, effective consumer protection against such acts is required.Ĭonsumer Ignorance: The majority of consumers are unaware of their rights and remedies, and as a result, they are constantly exploited. However, presently the approach is of ‘caveat venditor’, which literally translates to 'let the seller beware.'Įxploitative and unfair trading practices, such as defective and dangerous items, adulteration, false and misleading advertising, hoarding, and black-marketing, expose consumers to dangers. The previous approach was of ‘caveat emptor’, which literally translates to 'let the buyer beware.' Several elements of this subject have been converted into chapters for vivid description and discussion in the syllabus for Class 12.Ĭonsumer protection refers to safeguarding consumers from manufacturers or sellers that engage in anti-consumer trade activities. It has to be protected so that the products and service providers cannot dupe them or use illegal means to impart loss. Consumers need to be protected as the entire world’s economy depends on them. It has become a huge concern when the world is going through an industrial revolution. You can download the Class 12 Business Studies Consumer Protection revision notes from the website and the mobile app of Vedantu to access them offline. Class 12 Business Studies Chapter 12 revision notes are developed in such a way that the students will be able to understand the concepts easily and learn how consumers are protected by the law. In Class 12 Business Studies syllabus, the 12 th chapter is all about consumer protection. This subject delivers knowledge related to business administration and management. Business Studies is an important chapter of the Class 12 Commerce syllabus.

Business studies class 12 notes