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. An exchange is a process by which consumes obtained the goods and services that they wanted. In the earlier days, the exchange was completed through the mutual exchange of other goods. The method of exchange where goods are exchanged for goods is called the barter system. The inconveniences of barter led to the introduction of money as the medium of exchange.


From the ancient days, there was a need to exchange goods and services as everyone in the economy did not own enough resources to satisfy their wants completely. They had some commodities in excess quantities, while they required some other commodities. Thus the people started exchanging the commodities that they had in excess in exchange for other commodities that they required. In the earlier days, consumes exchanged the commodities with individual sellers. But with the developments of economic systems, the consumer gets the goods and services from the market. In today's world, goods and services are produced and exchanged not just for satisfying wants but also for incurring profits and expanding the business.


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