A consumer is an individual or entity that purchases goods or services for personal use, rather than for resale or production purposes. Consumers are an essential part of the economy, as their buying behavior drives demand for products and services. Here’s an example of a consumer:
John, a working professional, visits a local electronics store to purchase a new smartphone. He has been researching different models and features online and has decided on a specific brand and model that fits his needs and budget. John’s intention is to use the smartphone for personal use, such as making calls, sending messages, browsing the internet, and using various apps.
In this scenario, John is a consumer because he is buying the smartphone for his personal use, and not for resale or any business-related purpose.