Question

Write four major factors responsible for the exploitation of the consumers.

Answer 1

1. Lack of Information: Consumers often do not receive full, accurate details about price, quality, usage, and terms of purchase, leading to incorrect decisions and losses.
2. Limited Supplies: When goods are in short supply due to low production, this leads to hoarding and price hikes that exploit consumers.
3. Limited Competition: When one or a few producers control supply, prices can be manipulated and availability restricted, harming consumers.
4. Illiteracy: Low consumer literacy leads to less awareness of products and markets, making consumers vulnerable to exploitation.