ICSE Class X Economics 2020 Solved Papers

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Question : 23
Total: 36
Explain any five ways by which consumers are exploited in India.
Solution:  
Ways in which consumers are exploited :
(1) Underweight and Under Measurement: The goods being sold in the market are sometimes not measured or weighed correctly.
(2) High Prices : Very often the traders charge a price higher than the prescribed retail price.
(3) Duplicate Articles : In the name of genuine parts or goods, fake or duplicate items are being sold to the consumers.
(4) Artificial Scarcity : In order to make illegitimate profit, businessmen create artificial scarcity by hoarding. They sell the products at a later stage at higher prices.
(5) Adulteration and Impurity : In costly edible items such as oil, ghee and spices, adulteration is made in order to earn higher profits. Adulteration of foods causes heavy loss to the customers; they may suffer from monetary loss as well as physical loss i.e., health issues.
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