Business Studies - Junior Secondary 1 - Consumer, market and society

TERM: 2^ND TERM

WEEK EIGHT

Class: Junior Secondary School 1

Age: 12 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: CONSUMER, MARKET AND SOCIETY

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

I.) Explain Who is a Consumer

II.) Explain the Meaning of Market and Society

III.) Mention three needs for Consumer Education

IV.) State the importance of consumer education

V.) Explain the consequences of Lack of Consumer Education

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

NOTE

CONSUMER, MARKET AND SOCIETY

A consumer is an individual or entity that purchases goods or services for personal use or consumption. Consumers play a vital role in the economy as they drive demand for products and services, influencing production, pricing, and distribution decisions.

Meaning of Market and Society

Market:

A market refers to the arrangement where buyers and sellers interact to exchange goods and services. It involves the process of transactions, pricing, supply, and demand. Markets can be physical locations (like a marketplace) or virtual (online markets).

Society:

Society refers to a group of individuals living together in a community, sharing common customs, values, laws, and institutions. It encompasses social relationships, cultural norms, and collective behaviors that shape human interactions and development.

Needs for Consumer Education

Consumer education aims to empower individuals with knowledge and skills to make informed decisions as consumers. Three primary needs for consumer education include:

1. Awareness of Rights and Responsibilities: Consumers need to understand their rights, such as the right to safety, information, choice, and redress.
2. Financial Literacy: Consumer education should include knowledge about budgeting, saving, credit management, and understanding financial products (like loans, mortgages, and investments).
3. Critical Thinking and Decision-Making Skills: Consumers should develop critical thinking skills to evaluate product quality, compare prices, assess marketing claims, and recognize deceptive practices.

Importance of Consumer Education

Consumer education is crucial for several reasons:

1. It empowers consumers to assert their rights, make informed choices, and protect themselves from unfair practices.
2. Educated consumers are less likely to fall victim to scams, fraud, or predatory lending practices.
3. Informed consumers drive competition and encourage businesses to improve product quality and customer service.
4. Consumer education promotes financial literacy, helping individuals manage their finances effectively and avoid debt.
5. Knowledgeable consumers can make healthier choices and understand product risks, contributing to public health and safety.

Consequences of Lack of Consumer Education

1. Consumers may fall prey to misleading advertising, deceptive sales tactics, or fraudulent schemes.
2. Without understanding financial products or budgeting, consumers may overspend, accumulate debt, or make poor investment decisions.
3. Lack of awareness about product safety or nutrition may lead to health problems or accidents.
4. Consumers may be unaware of better alternatives or fail to exercise their rights, limiting market competition.

EVALUATION: 1. Explain Who is a Consumer

2. Mention three needs for Consumer Education
3. State 4 importance of consumer education
4.   Mention 4 consequences of Lack of Consumer Education

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively