Consumer, Market, and Society – JSS1 Business Studies Lesson Note (Second Term)

A consumer is a person who buys goods and services for personal use and satisfaction. A market is a place or situation where buyers and sellers meet to trade, and a society is a group of people living together in a community. Consumer education gives consumers the skills and understanding to use their resources well.

Behavioural objectives

By the end of the lesson, students should be able to:

• define a consumer, a market and a society;
• explain that a market does not have to be a physical place;
• state the meaning of consumer education;
• give reasons why consumer education is needed;
• list the advantages of consumer education and the consequences of lacking it.

Who is a consumer?

A consumer is an individual who buys goods for his or her personal use. He or she buys goods and services and uses them for personal satisfaction.

What is a market?

A market is a place or situation where buyers and sellers come in contact to buy and sell goods and services.

A market need not be a physical place or location. Buying and selling can be arranged and carried out by telephone, letter, fax, internet and so on.

What is a society?

A society is a group of people who have something in common, for example religion, politics or values. It is a group of people living together in a community.

What is consumer education?

Consumer education means that consumers acquire the skills, concepts and understanding that are required for satisfaction and use of resources.

Why do we need consumer education?

Consumers need education to gain the knowledge and skills to manage their resources and to take actions that influence the factors that affect their decisions.

Consumer education, like the general curriculum, is part of the foundation on which students may begin to build their personal lives.

Consumer rights are very strong and can protect consumers. A consumer who is aware of consumer legislation, consumer protection, business malpractice, and product and service standards and certifications can use the legislation.

What are the advantages of consumer education?

• Consumer education helps a person to make a proper purchase.
• It familiarises the consumer with the problems he or she faces while making a purchase.
• It provides the consumer with full information on marketing conditions, such as the various sources for purchasing a particular commodity.
• It familiarises the consumer with the various levels of standardisation and their marking.
• It helps the consumer to get maximum satisfaction by proper use of money, and leads to a better standard of living.

What are the consequences of lack of consumer education?

• It creates a disturbing trend in business.
• Consumers cannot be expected to throw their money away without really knowing why or what to expect.
• Consumers cannot pour money into the business of those who do not understand it.

Evaluation

1. Who is a consumer?
2. Give two ways in which buying and selling can be carried out without a physical market.
3. What is consumer education?
4. State three advantages of consumer education.

Assignment

1. Who is a consumer?
2. What is a market?
3. What is a society?
4. What are the advantages of consumer education, and what are the consequences of lacking it?