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  2. Each member of society , whether he belongs to a household, a firm, or the government, is a buyer or consumer. The food we eat, clothes we wear, and the gadgets and things we use at school are some of the items we consume.
  3. Consumption A way to satisfy the needs and wants of an individual. Always comes at the expense of using whatever resources are remaining.
  4. Consumption Function A model used to study the relationship between the level of income and level of consumption in a country. Based on the consumption function, the level of total consumption in an economy is primarily affected by the level of total income and other factors.
  5. Price Changes The changing price of a good affect its level of consumption in a major way.
  6. Income and Wealth The level of income and amount of accrued wealth of a household or an individual play a major role in its level of consumption. If the prices of goods and services change, as an individual’s level of income and wealth can keep up with price changes, his consumption will not necessarily change.
  7. Household Preferences Every individual has his own personal preferences and his consumption will depend on the preference of a household or society.
  8. Expectations The expectations of a household for the future that have to do with prices of goods, income, and social status. If incomes are expected to increase in the future, consumption at present may be affected. People’s expectation regarding events in their surroundings can also affect their consumption to the extent that they dictate and change the preferences of consumers.
  9. Size of Population As population increases, consumption also increases to keep up with population growth. Consumption is related to the level of income and population size. It is possible that a country with a smaller population has a high level of consumption because the people have higher incomes.
  10. Republic Act 7394 Consumer Act of the Philippines Law exist to protect and uphold the interests of consumers. It also promotes the abilities that every consumer should have.
  11. The law establishes the standards that should be followed in forming and operating businesses and industry.
  12. a. Safety and protection of buyers and consumers from dangers to health and security. b. Protection from deceptive and unfair business practices related to the operation of businesses and industry
  13. c. Opportunities to listen to the complaints and grievances of buyers d. Representation of consumers’ association in shaping the framework of and forming policies that govern business and society.
  14. The Department of Trade and Industry (DTI) laid down the eight rights of consumers to guide them in their market transactions. DTI is the government agency tasked with protecting the rights of the consumer.
  15. 1.Right to basic needs Every consumer has the right to have sufficient food, clothes, housing, health needs, education, and hygiene in order to live.
  16. 2. Right to safety Every consumer has the right to full safety and protection from products that are harmful or dangerous to health.
  17. 3. Right to information Every consumer has the right to be protected from deceptive, dishonest, and misleading information, fake labels, ad other improper and unjust practices. Consumers have a right to know these so that they will not be abused by others.
  18. 4. Right to choose Every consumer has the right to choose different products and services at affordable prices. If the good or service is monopolized by a private company, it should have quality and a fair price.
  19. 5. Right to be heard Every consumer has the right to be assured that his or her welfare is taken into account by the government when the latter makes and implements policies.
  20. 6. Right to compensation in case of damage Every consumer has the right to be paid and compensated in kind for any damage or harm caused by a product that one bought. A consumer has the right to be paid for any lies or poor quality of a good or service that is being sold or offered whether it was a mistake, or the result of negligence or malicious intent.
  21. 7. Right to be educated on how to become an intelligent consumer Everybody has a right to consumer education. This includes the right to intelligence and knowledge necessary to take the right steps that will help in making consumption decisions.
  22. 8. Right to a clean environment Every buyer has the right to freedom equality, and sufficient conditions in life that allow for dignity and well-being of an individual. You have a big responsibility to take care of and improve your environment for the health and future of our race.
  23. Five Duties of a
  24. 1. Critical Awareness  The duty to be aware and questioning regarding the purpose, cost, and quality of goods and services that we use
  25. 2. Action The duty to assert ourselves and to act in order to be assured of fair dealing. If we continue to be negligent, we will always be exploited or abused by dishonest businessmen.
  26. 3. Concern for society The duty to know the effects of our consumption of goods and services on other citizens, especially minority groups or powerless groups, whether they are local, national, or global communities.
  27. 4. Environmental awareness The duty to understand the consequences on our environment brought about by improper consumption. We should protect and take care of our natural resources to ensure a bright future.
  28. 5. Unity The duty to organize together as consumers in order to have the strength and the power to promote and protect our welfare.