TERM: 2nd TERM
SUBJECT: BUSINESS STUDIES
CLASS: JSS 1
TOPIC: CONSUMER, MARKET AND SOCIETY
- Meaning of (a) consumer (b) market
- Need for consumer Education
- Importance of the consumer.
- Consequences of lack of consumer education
Meaning of consumer
A consumer is any person who buys goods and services for his / her personal use. Also a consumer
can be seen as a person who purchases a product or service for his use and not for resale or for use in manufacturing another product.
Meaning of Market
A market has two meanings – one it is a place where people gather regularly to purchase or sell commodities. Secondly a market can be any arrangement that makes it possible for information
to be exchanged between buyers and sellers in respect of buying and selling of goods and services.
An example of this second definition of market is internet trading.
NEED FOR CONSUMER EDUCATION
As consumers’ incomes increase and more products and services are changed every day, consumers need consumer education for the following reasons:;
- They need to be very clearly aware of the difference between what they actually need and what they think they need . This will help them to spend their money wisely.
- They need to be careful in selecting so they need the skill to make good choices
- Due to constant changes in production, consumers need education on what is a safe or harmful consumption.
- Consumer education helps to balance the power between producerand consumers so that no one is deceived or cheated.
- It helps the masses to be responsible and intelligent consumers
IMPORTANTCE OF THE CONSUMER
- The consumers mean the market
- They make production of goods and services possible.
- The availability of consumers for goods and services creates market for raw materials,encourages
production by the manufacturers, the wholesalers and warehousing activities andalso the retailers
- Production is not complete until the products get to the final consumers
- The final aim of production is consumption. Any good or service that is not consumed is useless.
- The consumer is considered a king because what he is willing and able to buy is what must be produced.
- a. Define a consumer b. What is a market?
- a. State and explain three needs for consumer education .
- List four importance of the consumer
CONSEQUENCES OF LACK OF CONSUMER EDUCATION
Due to varieties of goods and services available, lack of consumer education has the following consequences:-
- The consumer may not be able to effectively choose the right products.
- The consumers may not be aware that they should use the products in specified ways.
- Consumers may not be able to get maximum satisfaction from use of products that can lead to a better living condition.
- Marketing conditions and sources of purchasing a particular commodity will not be easily available.
GENERAL EVALUATION QUESTION
- Define a consumer.
- Explain the meaning of market.
- State four (4) needs of consumer education.
- State three (3) importance of consumer education.
- State two (2) ways you have personally benefited from consumer education.
Read Jss 1 Business Studies by Ehiametalo, Osu-Nwufo, etc (WABP) Pages 72 to 75
WEEKEND ASSIGNMENT – SECTION A
- Any arrangement that enables buyers and sellers to be in close contact with themselves is a / an A. Advertisement B. Contract C. Market D. Selling
- ____ makes final use of finished products A. Producer B. Wholesaler C. Retailer D. Consumer
- Consumers need education because of A. the risk involved in consumption B. Money they spend C. Advertisement D. Transportation
- ________ enables consumers to make wise choices. A. Consumer education B. Retailer C. Manufacturer D. Marketing
- The correct definition of market is A. a place where buyers and sellers meet to buy and sell (A). a place where buyers and sellers meet and also any arrangement that enables buyers and sellers to be in close contact (B). a place where people meet every four days (C). a place where buyers and sellers meet every five days.
- Explain three (3) consequences of lack of consumer education.
- List seven (7) commodities you usually buy in the market