Answer to Question #178252 in Microeconomics for Obeng Samuel

Question

Discuss Consumer education and show Why Consumer Education and Economics 

Important? 

Answer 1

Solution:

Consumer education refers to various techniques of informing customers about the products and services offered. It involves preparing individuals, or customers to be capable of making informed decisions when it comes to buying products in a consumer culture. It covers how to use what is sold and why a specific product or service is valuable to them, including what the customer can expect and standard trade practices.

Consumer education and economics is a lifelong process vital to the economic well-being of society. It can help develop critical thinking and raise awareness to the consumers, hence allowing them to be more dynamic and economically driven. It is also an essential tool for consumer's confidence-building that they require to operate effortlessly in increasingly complicated markets.