Skip to main contentSkip to solution

Identify the importance of consumer protection discussed in the following lines - 'Business organisations make money by selling goods and providing services to consumers. Thus, consumers form an important group among the many stakeholders of business and like other stakeholders, their interest has to be well taken care of.'

Solution

Correct Option: 3
  1. Moral justification → Ethical reasons for fairness.
  2. Business uses society's resources → Companies rely on community resources.
  3. Social responsibility → Duty to protect consumer interests.
  4. Long-term interest of business → Sustained success through consumer trust.

Social responsibility is key here, as businesses must ensure consumer welfare to maintain trust and loyalty, which ultimately supports their success.

Keyboard Shortcuts

  • Left arrow: Previous question
  • Right arrow: Next question
  • S key: Jump to solution
  • Q key: Jump to question