Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
Expert Solution & Answer
Chapter 3.3, Problem 1R
Solution

The significance of given terms are to be explained.

Consumerism : Consumerism movement had been started in the 1960s to educate the buyers regarding the purchases they make and they have a right to demand better and safer products from the seller. No businesses can assume that it is the responsibility of a buyer to know whether the food is healthy or not, whether the product is safe or not , whether the advertising happening is accurate or not.

Ethical behavior : Ethical behavior is a responsibility of a consumer . Consumers should respect the rights of producer and sellers. Consumer should not return the used product to the seller jut because that product has been selling at a lower price at somewhere else. Consumer should research properly regarding the product before purchasing it.

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