Consequences of lack of consumer education - JSS1 Business studies Lesson Note

Exploitation by businesses: Without proper knowledge, consumers may fall victim to deceptive marketing tactics, scams, or overpriced products.

Financial hardship: Ignorance about financial matters, such as interest rates, credit card terms, or investment risks, can lead to excessive debt, bankruptcy, or investment losses.

Health and safety risks: Lack of awareness about product ingredients, usage instructions, or safety warnings can result in accidents, injuries, or health problems.

Diminished market efficiency: When consumers make uninformed choices, market dynamics may be distorted, leading to inefficiencies, market failures, or the proliferation of substandard products.

Overall, consumer education is essential for fostering a fair, transparent, and efficient marketplace that benefits both consumers and businesses while promoting societal well-being.