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v. con·sumed, con·sum·ing, con·sumes
1. To take in as food; eat or drink up. See Synonyms at eat.
a. To expend; use up: engines that consume less fuel; a project that consumed most of my time and energy.
b. To purchase (goods or services) for direct use or ownership.
3. To waste; squander.
4. To destroy totally; ravage: flames that consumed the house; a body consumed by cancer.
5. To absorb; engross: consumed with jealousy. See Synonyms at engross.
To purchase economic goods and services: a society that consumes as fast as it produces.

[Middle English consumen, from Latin cōnsūmere : com-, intensive pref.; see com- + sūmere, to take; see em- in Indo-European roots.]
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
References in classic literature ?
"Labor's deposits in the savings banks are only a sort of reserve fund that is consumed as fast as it accumulates.
If capital consumed its share, the sum total of capital could not increase.
Capital will not consume this balance, because, already, according to its nature, it has consumed all it can.
Capital in all these countries has already consumed all it is able according to its nature.
Remember this surplus is over and above trade, which articles of trade have been consumed. What, then, does the United States get in return from Brazil?"
Although the cell was large, we had evidently consumed a great part of the oxygen that it contained.
Since three hours were consumed by making camp at night and cooking beans, by getting breakfast in the morning and breaking camp, and by thawing beans at the midday halt, nine hours were left for sleep and recuperation, and neither men nor dogs wasted many minutes of those nine hours.
Three hours were consumed in cooking, repairing harnesses, and making and breaking camp, and the remaining nine hours dogs and men slept as if dead.
Hence, they could produce no more than four hundred and eighty cubic feet of gas; yet the cylinder consumed about nine cubic feet per hour.
Except in the corner, where a multitude of crows hopped and fought over the skeletons of the dead the Martians had consumed, there was not a living thing in the pit.
Woe to this great city!--And I would that I already saw the pillar of fire in which it will be consumed!
The whole prairie was like the bush that burned with fire and was not consumed. That hour always had the exultation of victory, of triumphant ending, like a hero's death--heroes who died young and gloriously.