Chapter 5

NCERT
Class 10
Economics
Solutions
1. Why are rules and regulations required in the marketplace? Illustrate with a few examples.

Question:

Why are rules and regulations required in the marketplace? Illustrate witha few examples.

Answer:

There is a need for regulation and control in the market for the safety of the citizens. Because when consumers are exploited, consumers often find themselves in a vulnerable position. Whenever there is a complaint about the goods or services purchased, the seller tries to shift all the responsibility to the buyer. The seller can exploit the consumer in many ways. To save the consumer from such a situation, consumer movements were launched so that there would be security in the market. Exploitation in the market takes place in many forms, such as sometimes traders start doing unfair trade, weigh less or sell adulterated goods. Misinformation is given from time to time by the media and other sources to attract the consumers. Therefore, there is a need for rules and regulations to ensure the safety of the consumers.

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