Lesson plan 3
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Consumer protection is important from the viewpoint of consumers because consumers are often ignorant, unorganized, and exploited. It is also important from the viewpoint of businesses because protecting consumers is in their long-term interest, businesses use societal resources so have social responsibilities, and exploitative practices can invite government intervention that impairs a company's image.
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1. The document discusses the impact of GST on the Indian economy, noting that it unifies indirect taxes and brings transparency.
2. Key impacts include increasing competitiveness by reducing costs, simplifying the tax structure, creating a unified economic zone in India, and potentially increasing tax revenues.
3. The rates under GST are 0%, 5%, 12%, 18%, and 28% for different goods and services. The document provides examples of how GST affects prices of items like footwear, cab rides, airline tickets, and more.
Itinerant Retailers
Itinerant retailers are traders who do not have a fixed place of business and instead move from place to place to sell their products. They operate without a fixed location and travel around to different areas to conduct business.
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Lesson plan 3
- 1. IMPORTANCE OF CONSUMER PROTECTION FROM THE POINT OF VIEW OF CONSUMERS CONSUMER IGNORANCE UNORGANISED CONSUMER WIDESPREAD EXPLOITATION OF CONSUMERS
- 2. IMPORTANCE OF CONSUMER PROTECTION FROM THE POINT OF VIEW OF BUSINESS LONG TERM INTEREST OF BUSINESS: ENLIGHTENED BUSINESS REALISE THAT IT IS IN THEIR LONG TERM INTEREST TO SATISFY THEIR CUSTOMERS. BUSINESS USES SOCIETY’S RESOURCES: BUSINESS ORGANISATION USE RESOURCES WHICH BELONGS TO SOCIETY.
- 3. SOCIAL RESPONSIBILITY:A BUSINESS HAS SOCIAL RESPONSIBILITIES TOWARDS VARIOUS INTEREST GROUPS.
- 4. MORAL JUSTIFICATION: IT IS THE MORAL DUTY OF ANY BUSINESS TO TAKE CARE OF CONSUMER’S INTEREST AND AVOID ANY FORM OF THEIR EXPLOITATION.
- 5. GOVERNMENT INTERVENTION: A BUSINESS ENGAGING IN ANY FORM OF EXPLOITATIVE TRADE PRACTICES WOULD INVITE GOOD INTERVENTIONS OR ACTIONS. THIS CAN IMPAIR AND TARNISH THE IMAGE OF THE COMPANY.