In the present-day globalized world, products can be manufactured in one continent for potential consumers in another continent. Advancements in transport and communication have enabled corporations to venture into the international commerce, which is regarded as lucrative and highly profitable. Still, the implications of international trade have placed the ordinary consumer in a dire situation, especially in instances where the product bought is defective or substandard. The inherent disparity in bargaining power between multinationals and average consumers have led to the development of a raft of domestic and international laws aimed at protecting consumers. However, policy and legal frameworks cannot guarantee an all-encompassing protection …show more content…
With the development of transport and communication, it became possible to ferry goods manufactured in one continent across the seas for consumption in another continent. In effect, it became difficult for consumers to retain direct lines of communication with the people who were responsible for the production of the goods. With time, governments developed different mechanisms to protect consumers from dishonest practices from …show more content…
Moreover, not every aspect of a seemingly unfair term in a consumer contract can be regarded as dishonest manipulation on the part of the offeror of the goods or service. There are several advantages of having some knowledge of any pending transaction. Firstly, an informed will be better placed to discover the possible loopholes in a contract that may impose some biased obligation on the consumer. Secondly, being informed as a consumer is that the purchaser of any service will be able to high quality investments in terms of financial resources and time. This can be achieved through the consideration of available options concerning quality, prices, or warranties. Thirdly, a consumer who is knowledgeable about a particular product or service can make investments that are innocuous, and durable. In effect, the resultant investment can be construed as responsible or less costly. Fourthly, being informed about the origin of goods can help a consumer to make a purchase based on ethical considerations. For instance, a savvy customer will refrain from buying products that appear to have illegally acquired before processing or those that were produced under circumstances that are considered unethical. All these advantages can only accrue to consumers if they are informed about the products
Socially and economically, the global silver trade from the mid-16th century to the 18th century had a negative effect on the rest of the world. The trade’s earlier benefits did not last long, as it eventually weakened the Spanish kingdoms and Ming dynasty. The dependence on trade and the uneven disbursement of the product lead to the fragility of the economics of those governments that depended on silver. The economic effects can be seen in document 2, 3, 4, and the social effects of the silver trade can be seen in documents 5, 6, 7, and 8. According to the documents, the middle man profited the most from the dependence on silver, while the countries importing and exporting silver suffered massive damages.
Trade has been a driving force in global history, shaping societies and economies across the world. It helped bring in many resources to other countries through cultural diffusion and opened new opportunities for citizens. Nevertheless, trading has also caused overproduction in certain areas and limited resources available. Trade has been shown in global history through Middle Eastern trade routes (Document 1), Timbuktu during the height of the Mali Empire (Document 2), and Caravans from the northern coast (Document 2). Trade had a significant impact on culture and society.
Benjamin Franklin said, “No nation was ever ruined by trade.” During the early modern era, technological advancements in shipbuilding and increased knowledge on wind and current patterns made global trading possible. The increased flow of trade in the 1300s through 1800s created important social relations and economic opportunities due to the increased integration of foreign people and desire to be wealthiest and most powerful, while improving government, culture, and ideas in the modern world. Global trading increased the spread of people, which also increased the spread of religion and culture.
This type of system is very eager to confuse consumers regarding wants and needs (2) in the sense that purchasing expensive things such as cars and houses are beneficial to the economy and is patriotic even though an authentic economic system would consider this is irrational. Today’s economic system typically creates new needs by manufacturing things such as smartphones, laptops and cars that most teenagers and students “need”, and according to Berry, is very delusional and fraudulent since most people can survive without these modern products and is not economically sound to be indulging in these types of
4. The Micro Environment – ??? To determine the best strategic position, it would be essential to understand the landscape of UPS is situated in. Hence, Porter’s five forces analysis is performed to comprehensively discuss the logistics industry in the European Union.
From 300 to 1450, the trade networks between Africa and Eurasia showed consistency in the use of the same trade routes, but showed change in the amount of ideas spread throughout the trade networks. Throughout the trade networks between Africa and Eurasia, the continuities of the trade networks and the trade cities stayed the same. The use of the Mediterranean Sea trade, the Silk Road trade, and the Indian Ocean trade were continually used during the time period 300 to 1450. The trade routes were able to continue because of the consistent demand for goods such as spices and luxuries along the Silk Road, jewelry and gold in the Mediterranean Sea, and cotton and porcelain in the Indian Ocean between Africa and Eurasia.
Eighner's intention in this essay is to condemn consumer wastefulness. Eighner clearly gives some insight of consumer wastefulness. America is a consumer based country that usually consumes and wastes products especially food. Eighner wants to show consumers that they should care about what they dispose and pay attention on what they can save that would be useful to them. Eighner's tone is this essay is very formal.
Rather, by including these laws in international trade agreements, we have the potential of improving economies worldwide. Instead of continuing our “Race to the Bottom”, the world can reignite a race to the top by valuing humanity across
According to Varul (2008) the notion of ‘ethical consumerism’ seems to be a contradiction in terms, since market and morality are commonly viewed as stark opposites with morality being sought in the contestation of certain goods’ commodity status and in the blocking of certain exchanges. What is new in the phenomenon of market society, a phenomenon that has been observed over the last 30 years, is the emergence of consumption as a criterion for the quality of life and as a sign of the demand for it. Moreover, society has become in our time a society that governs and evaluates its members, including the ability to consume. Without legislation regulating the market, people’s choices will be
Throughout the twentieth century, countries were creating treaties, trade blocs and global governance institutes to promote open market and free trade. Europe’s golden age of trade with very low tariff and high economic development began mid-19th century and collapsed
In this section the author describes the theories that will support the analysis of information. In order to construct a theoretical background for the study the author chose to describe theories regarding the selection of countries. 5.1 Transaction costs theory Transaction cost theory was developed by Coase (1937) and then re-analyzed by Williamson (1979). The theory explains why companies exist and expand their activities to external environments finding out that ‘’A Transaction cost occurs when a good or service is transferred across a technologically separable interface’’.
Consumer is one who consumes the goods & services product. The aim of marketing is to meet and satisfy the Consumer needs and wants. The modern marketing concept makes customers the centre stage of organisation efforts. The focus, within the marketing concepts is to reach target and largest customer’s sets ball rolling for analysing each of the conditions of the target market1. Consumer behaviour can be defined as “the decision making process and physical activity involved in acquiring, evaluating, using and disposing of goods and services”.
Introduction “The term ‘misleading advertisements, is an unlawful action taken by an advertiser, producer, dealer or manufacturer of a specific good or service to erroneously promote their product. Misleading advertising targets to convince customers into buying a product through the conveyance of deceiving or misleading articulations and statements. Misleading advertising is regarded as illegal in the United States and many other countries because the customer is given the indisputable and natural right to be aware and know of what product or service they are buying. As an outcome of this privilege, the consumer base is honored ‘truth in labeling’, which is an exact and reasonable conveyance of essential data to a forthcoming customer.”
Increasingly, businesses, consumers, and governments realize that their lives are affected not only by what goes on in their own town, state, or country but also by what is happening around the world. Consumers can walk into their local shops today and buy goods and services from all over the world. Local businesses must compete with these foreign products. However, many of these same businesses also have new opportunities to expand their markets by selling to a multitude of consumers in other countries. The advance of telecommunications is also rapidly reducing the cost of providing services internationally, while the Internet will assuredly change the nature of many products and services as it expands markets even further.
Introduction At the start of this course, I had no idea what to expect. This is due to the fact that marketing is a field that offers a combination of so many different disciplines such as art, psychology, and statistics. I encounter marketing on a daily basis but have strangely enough not reflected too much about it. Nevertheless, it is a very interesting subject, which deals with promoting and selling services and products.