Question

Explain the following term/concept:

Consumer Protection

Answer 1

The word ‘Consumer’ is derived from the Latin word ‘Consumere’ which means to eat or to drink. The consumer is the one who consumes or uses any commodity or service available from natural resources or through a market. Generally, safeguarding the rights and interests of consumers is known as consumer protection. It includes all the measures aimed at protecting the rights and interests of consumers. In a modern competitive market, the consumer is regarded as the ‘King of Market’.