Question

Who is the 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 is any person who buys any goods or hires any service or services for a consideration that 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, such as foodgrains, milk, etc., or services, such as banks, railways, post offices, hospitals, etc.