Question

Define consumer.

Answer 1

The word 'Consumer' is derived from the Latin word 'Consumere' which means, to eat or to drink. The consumer is the one who consumes or uses any commodity or service available from natural resources or through a market.

A Consumer means any person who buys any goods, hires any service or services for a consideration which has been paid or promised or partly paid or partly promised or under any system of deferred payments.

We are all consumers when we use any commodity like foodgrains, milk, etc., or service like banks, railways, post offices, hospitals, etc.