ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Any individual who purchases products or services for his personal use and not for manufacturing or resale is called a consumer.

Detailed explanation-2: -The word consumer is made from the word ‘consume’ which means ‘to use’. In this way, the word consumer means a person who purchases the product or service for his own use or consumption.

Detailed explanation-3: -In sales, business, and economics, a customer is someone who buys something from a seller, vendor, or supplier in exchange for money or something else of value. This person is also called a client, buyer, or purchaser.

Detailed explanation-4: -Buyer/Customer means the person, company or firm who purchases Goods from the Seller.

Detailed explanation-5: -A customer becomes a consumer if they make a purchase and use the product or service themselves. A customer always purchases a product or service, but might not be the end user. A consumer is always the end user of a product or service, but might not have purchased it.