Notes on Consumer Rights and Economic Development

Consumer Rights

• Discusses the issue of consumer rights within market operations.
• Focus on unequal market situations and poor enforcement of rules.
• Highlights the need for consumer movement participation.
• Provides real-life case histories of consumer exploitation and legal remedies.
• Encourages understanding the importance of well-informed consumer awareness.

Teaching Aspects

• Contains questions, case studies, and activities for group discussions.
• Includes activities like role-play and poster-making.
• Suggests visits to consumer protection councils and courts.
• Utilizes materials from authenticated sources and encourages students to gather information.

Key Concepts

• Consumers often find themselves in weak positions in the market.
• Common marketplace exploitations include unfair trade practices.
• Emphasizes the need for rules and regulations to protect consumers.
• Highlights the impact of large companies manipulating markets.

Consumer Movement

• Originated in India to protect consumer interests against unfair practices.
• Involves consumer organizations, groups, and legal systems for awareness and protection.
• United Nations Guidelines for Consumer Protection play a significant role.

Legal Framework

• Consumer Protection Act 1986 (COPRA) enacted by Indian Government.
• Establishment of consumer courts and councils.
• Importance of ISI and Agmark certifications for quality assurance.
• National Consumers Day observed on December 24.
• Recognition of consumer redressal process challenges.

Economic Development

Income and Development

• Different perspectives and goals on development.
• Non-income factors like security, respect, and freedom.
• Importance of national development with diverse views.

Comparing Countries

• Use of average income (per capita) as a development measure.
• Limitations of per capita income; does not account for income distribution.
• Non-income indicators like Infant Mortality Rate, Literacy Rate, and Life Expectancy.
• Human Development Index (HDI) used for a broader measure.

Sustainability

• Emphasizes the importance of sustainable development.
• Discusses overuse of resources like groundwater and crude oil.
• Highlights the role of renewable and non-renewable resources.

Economic Sectors

Sectors of Economy

• Classification into primary, secondary, and tertiary sectors.
• Importance and interdependence of sectors.

Employment

• Discrepancy between sector production and employment.
• Issues of underemployment and disguised unemployment.
• Government initiatives like NREGA for job creation.

Organised vs Unorganised

• Organised sector jobs offer more security and benefits.
• Unorganised sector lacks job security and benefits.
• Need for protection and support for unorganised sector workers.

Money and Credit

Money as Medium

• Solves double coincidence of wants.
• Modern currency and bank deposits as money forms.

Credit

• Importance of credit for economic activities.
• Risk of credit leading to debt traps.
• Terms of credit: interest rates, collateral, and repayment.

Formal vs Informal Credit

• Formal credit from banks and cooperatives.
• Informal credit from moneylenders and traders; higher costs and fewer regulations.
• Self-Help Groups (SHGs) for improving access to credit.

Globalisation

Impact and Integration

• Globalisation: integration through trade and MNCs.
• Influence of technology and liberalisation.
• Role of WTO in promoting free trade.

Challenges and Effects

• Impact on different sectors and workers.
• Benefits for consumers and certain industries.
• Issues faced by small producers due to competition.
• Government roles in making globalisation fair.

Exercises and Activities

• Various questions and activities for understanding concepts.
• Case studies to apply theoretical knowledge to practical scenarios.
• Emphasis on debating and discussing real-world implications of consumer rights, economic sectors, and globalisation.