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Define a consumer and give two examples. - Economics

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Short Note

Define a consumer and give two examples.

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Solution

A consumer is the one who purchases the product for his/her own need and uses or consumes it. A consumer cannot resell the good, product, or service but can consume it to earn his/her livelihood and self-employment. Any single or group of person, other than the buyer who buys the product or services, consumes the product by seeking his/her permission falls under the category of a consumer. In simpler words, the consumer can be termed as the end-user of the goods or services.

Example: Take a kid who recently got candy from his dad. Even though his dad was the customer who bought the candy, this child is the consumer who ends up consuming the product.

Concept: Concept of Consumer Rights
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