Explain the terms "price taker" and "price maker." How do they relate to the consumer?

The price taker means the firms follow the price that is decided by an industry. The price maker means the firm takes the decision of price that prevails in the market.

In the case of a price taker, the exact same price charged by firms from customers and in the case of price maker, the different price is charged from customers based on the demand and supply of the market.