Explain four factors influencing consumer choice and three ways of protecting consumers.

Here are the answers to Question 4 (ii) and (b):

ii) Four factors influencing consumer choice are:

• Price: The cost of the product or service directly impacts a consumer's decision, often leading them to choose more affordable options if quality is comparable.
• Quality: Consumers often prioritize the durability, performance, and reliability of a product or service.
• Personal preferences/Taste: Individual likes, dislikes, and lifestyle choices play a significant role in what a consumer chooses to buy.
• Income: A consumer's disposable income determines their purchasing power and the range of products or services they can afford.

b) Three ways of protecting consumers are:

• Consumer protection laws: Governments enact laws to prevent unfair trade practices, ensure product safety, and provide avenues for redressal.
• Consumer advocacy groups: These organizations work to educate consumers about their rights, lobby for stronger consumer protection, and assist in resolving disputes.
• Product labeling and information: Requiring clear and accurate labeling helps consumers make informed decisions by providing details about ingredients, usage, and potential risks.