Answer :

A consumer is any person has made full or partial payment for the value of goods or services purchased by them or who has made a promise to pay the sum after a defined period of time. In the earlier days, consumers obtained their required commodities through the barter system. The barter system is the method of exchange where goods are exchanged for goods. But such a system required the fulfillment of double coincidence of wants. Every person had to find a buyer who was ready to buy their commodity and in exchange sell the particular commodity that they needed. Also in a barter system, there was no measuring rod for measuring the value of commodities. This led to the introduction of other methods of exchanging commodities and services by using money as a medium of exchange.

With further developments of economic systems, consumers started procuring commodities from the market rather than from individual sellers. In the modern world, the consumer gets the goods and services from the market. The market is an institution in which both the buyers and sellers are brought together for the exchange of goods and services. It need not have any specified location, time or space. Today, the markets have developed in many perspectives that helps the consumers and sellers to conduct their transactions through the internet and other social media.

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