Consumer protection means protecting the rights of consumers. It also helps to protect fair trade competition and truthful information in a market economy. Various laws and organisations are designed to do this.
The laws are designed to stop companies using unfair practices to gain an advantage over their competitors. Examples of such practices are fraud and "false advertising", where a company advertises their product with false information.
Consumer protection laws are a form of regulation.
More reading[change | change source]
|The English Wikibooks has more information on:|
- "Consumer Protection". Concise Encyclopedia of Economics (2nd). (2008). Ed. David R. Henderson (ed.). Indianapolis: Library of Economics and Liberty.