Learn CBSE Business Studies Index Terms for Class 12, Part II Chapter 2 Including Definitions and Meanings
1. Consumer Protection – The Consumer Protection Act of 1986 was an Act of the Parliament of India established to secure the interests of shoppers or consumers in India. It was supplanted by the Consumer Protection Act, 2019.
The Consumer Protection Act, 1986, looks to accommodate better protection of the interests of purchasers and, for that purpose, to make arrangements for the foundation of consumer councils and chambers and other experts for the settlement of consumer disputes and issues associated therewith.
2. Consumer Rights – Consumer rights are a set of rights governed by the law that allows customers to have the necessary information about goods and services while purchasing.
3. Consumer Responsibilities – Consumer responsibilities indicate that customers have a specific responsibility toward society and other consumers and help them to fight against unfair practices or at least be aware of them. These rights and responsibilities are registered under the Consumer Protection Act 1986.
4. Redressal Mechanism – To the people of India, the Government of India has provided various components of redressal mechanisms to receive compensation for wrongs done to them w.r.t their rights provided by the latter.
5. Mediation – The mediator is involved in assisting the parties in a dispute to reach an agreement. The parties in dispute themselves set the conditions of the settlement to be reached. The third-party does not impose any decisions on the parties but merely acts as a facilitator involved in improving the dialogue between the parties.
6. Right to Safety – The right to safety implies the option to be safeguarded against the promotion and marketing of products and services, which are unsafe to life and property. The purchased products and services profited from shouldn’t just meet their quick requirements yet, in addition, satisfy long-term interests.
7. Right to be Informed – The buyers should be informed of all the necessary details of the product, make them act wise, and change their buying decision.
8. Right to be Assured – Right to be assured or right to choose is where the consumer should have the right to choose from a variety of goods at a competitive price.
9. Right to be Heard – This means the consumer will get due attention to express their grievances in a suitable forum.
10. Right to Seek Redressal – The right to redressal signifies, ‘the option to look for redressal against corrupt double-dealing of consumers or unfair trade practices’. With the assistance of the Consumer Protection Act, consumer courts are consolidated for buyers to look for redressal against unreasonable trade practices and exploitation of consumers.
11. Consumer – A consumer or a customer is characterised as an individual who purchases goods and services for consideration, usually in the form of money. It does exclude an individual who gets a product for resale or goods and services for business reasons.
12. Public Interest Litigation – Public Interest Litigation (PIL) implies litigation for the protection of public interests. Public Interest Litigation (PIL) means litigation filed in a court of law for the protection of “Public Interest”. Any matter where the interest of the public at large is affected can be redressed by filing a Public Interest Litigation in a court of law, such as pollution, terrorism, road safety, and construction hazards.
13. Grievance Redressal Mechanism – Lok Pal – The word ‘Lokpal’ was coined by Dr. L.M.Singhvi in 1963. The concept of a constitutional ombudsman was first proposed in parliament by Law Minister Ashoke Kumar Sen in the early 1960s. The Lokpal Bill provides for the filing, with the ombudsman, of complaints of corruption against the prime minister, other ministers, and MPs.
14. Jan Lok Pal Bills – The Jan Lokpal Bill (Citizen’s Ombudsman Bill) is a draft anti-corruption bill drawn up by prominent civil society activists, seeking the appointment of a Jan Lokpal, an independent body that would investigate corruption cases, complete the investigation within one year and conduct trials for the case within the next year.
15. Alternative Dispute Resolution – Alternative Dispute Resolution (ADR) is a technique to resolve disputes and disagreements between the parties by arriving at an amenable settlement through negotiations and discussions. It is an attempt to establish an alternative mechanism other than the traditional methods of dispute resolutions. The ADR mechanism offers to facilitate the resolution of matters of business issues and others where it has not been possible to initiate any process of negotiation or arrive at a mutually agreeable solution.
16. Arbitration – Under this form of Alternative Dispute Resolution mechanism, both the parties involved in the dispute, choose the person to hear and determine their dispute through a consensus. The objective of arbitration is to arrive at a fair resolution through an unbiased tribunal speedily and in a cost-effective manner.
17. Conciliation – Under the process of conciliation, the intention is to facilitate the settlement between the parties. The parties, however, are not obliged or are not bound by the conciliation, in the sense that negotiations can be carried out until the parties arrive at a mutually pleasing settlement. The process is handled by an impartial individual termed as the conciliator. The conciliator is an active participant in the process of conciliation and is involved in discussing the issues, negotiating and bringing about an amicable settlement.
18. Lok Adalats – The establishment of the Lok Adalat system of dispute settlement system was brought about with the Legal Services Authorities Act 1987 for expediting the system of dispute settlement. In Lok Adalats, disputes in the pre-litigation stage could be settled amicably.
19. Negotiations – Negotiations are the most common method of alternative dispute resolution. A non-binding procedure in which discussions between the parties are initiated without the intervention of any third party with the object of arriving at a negotiated settlement to the dispute. Negotiation occurs in business, non-profit organizations, government branches, legal proceedings, among nations and in personal situations such as marriage, divorce, parenting, and everyday life.
We hope that the offered Business Studies Index Terms for Class 12 with respect to Part II Chapter 2: Consumer Protection will help you.
Related Links:
- Class 12 Business Studies Index Terms – Chapter 1: Nature and Significance of Management
- Class 12 Business Studies Index Terms – Chapter 2: Principles of Management
- Class 12 Business Studies Index Terms – Chapter 3: Business Environment
- Class 12 Business Studies Index Terms – Chapter 4: Planning
- Class 12 Business Studies Index Terms – Chapter 5: Organising
- Class 12 Business Studies Index Terms – Chapter 6: Staffing
- Class 12 Business Studies Index Terms – Chapter 7: Directing
- Class 12 Business Studies Index Terms – Chapter 8: Controlling
- Class 12 Business Studies Index Terms Part II Chapter 1: Financial Management
