Importance of Consumer Education - JSS1 Business studies Lesson Note

Consumer education is crucial because:

 

• It fosters economic development: Informed and empowered consumers contribute to a more efficient and competitive market, driving innovation and economic growth.

 

• It strengthens consumer confidence: When consumers trust that they are making well-informed choices, they are more likely to engage in transactions, boosting market activity.

 

• It promotes fair competition: Educated consumers demand quality products and services at fair prices, forcing businesses to compete based on value and merit rather than exploiting ignorance or market dominance.

 

• It supports public health and safety: Consumer education raises awareness about health hazards, product recalls, and safety standards, reducing the risk of accidents or harm from unsafe products.